Page 7 - Packaging News Magazine Sep-Oct 2021

September-October 2021 | www.packagingnews.com.au
| NEWS 7
Pact packaging and sustainability volumes up
AGAINST the backdrop of Covid challenges, volume growth in Pact’s packaging and sustain- ability segment was strong in the full year, in which the Group saw its revenues fall by three per cent, with net profit down by one per cent, although underly- ing profit rose by 28 per cent.
Revenue was $1.76bn, down by $50m on the previous year, with net profit after tax down by $1.3m to $87.5m. Underlying net profit after tax rose by $20.3m to $93.5m. Pact saw stronger demand in agricultural and industrial sectors in the ANZ region compared with the previous year.
Pact Group managing director and CEO Sanjay Dayal, said, “Volumes in key segments improved, and we delivered solid
growth in underlying earnings and margins. Cashflow increased and gearing reduced. These results demonstrate the great progress we are making in the delivery of strategy and our vision to lead the circular economy.”
Dayal said Pact delivered strong volume growth in clo- sures, in the packaging and
Volumes in key segments improved.
sustainability segment, under- pinned by the consolidation of its regional platform in Asia, noting that Covid continued to provide a “challenging” envi- ronment in the region.
The CEO pointed to Pact’s progress in developing the cir- cular economy, saying, “Volume was also supported by contract
wins underpinned by our circular economy credentials and grow- ing demand for sus- tainable packaging.”
Dayal said, “A national network of plastics recycling infrastructure is criti- cal to an effective local circular econ- omy, and Pact is lead- ing the industry
through investment in scaled solutions. We are collaborating with recognised industry par- ticipants to gain access to impor- tant waste streams needed for recycling, and to secure offtake of recycled products.
“We recently announced plans to construct two new plas- tics recycling facilities (see page 10), which together will lift Australia’s recycling capability by 40,000 tonnes. These facili- ties will complement our new Albury plant, which will be commissioned by the end of this year, and several other projects that are under evaluation.”
The new Albury recycling plant is a three-way venture between Pact, Cleanaway and Asahi Beverages, and is due to open by Christmas. ■
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