WINPAK (Sister Company WIPAK) Full-Year Report 2022

For the second year in a row, the level of revenue achieved represented the highest in the Company’s history. Revenue grew by $179.1 million or 17.9 percent from 2021 to $1,181.1 million. Revenue growth refl ected the signifi cant infl uence of selling price and mix changes of $176.6 million.

In dollar terms, gross profi t advanced by a remarkable 20.9 percent compared to the prior year whereas sales volume gains were less than 1 percent. The substantial expansion in the spread between selling prices and raw material costs was only somewhat counteracted by the margin contraction attributable to the rate at which sales volumes increased in relation to the rise in manufacturing costs.

The 2022 net income attributable to equity holders of the Company reached $128.3 million, eclipsing the $103.8 million achieved in 2021, an increase of 23.6 percent, while revenue soared to $1,181.1 million, an increase over 2021 of 17.9 percent.