Smurfit Kappa pulls final dividend over pandemic - Global Paper Money

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Smurfit Kappa pulls final dividend over pandemic

DUBLIN (From news reports) -- Smurfit Kappa Group PLC said that it is no longer recommending a final dividend for 2019 due to the coronavirus pandemic.

The paper-based packaging company said that it is committed to providing shareholders with an attractive and progressive dividend stream and that it would assess the timing of a payout later in the year when the effects of the virus are better understood.

The company said revenue for the first quarter of 2020 was 2.19 billion euros ($2.40 billion) compared with EUR2.32 billion for the first quarter of 2019.

Earnings before interest, taxes, depreciation and amortization were EUR380 million compared with EUR424 million in the year prior period. The company said its Ebitda margin was 17.3% compared with 18.3% the year before.

"During these uncertain times, we have a heightened focus on cost reduction while maintaining our market-leading innovation and sustainability offering. While the full extent and effects of the macro and economic risks brought on by Covid-19 are unclear, SKG remains very well positioned both financially and operationally," Chief Executive Tony Smurfit said.

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