Sappi in its financial report records increase in sales to USD1.30 billion for fourth quarter 2016 compared to USD1.28 billion recorded same period 2015.
The company recorded USD17 million as profit for the year compared to USD14 million recorded in Q4 2015.
The company gross profit rose to USD227 million in Q4 2016 in contrast to 194 million recorded in fiscal year 2015.
Sappi operating profit for the quarter was USD143 million higher USD123 million recorded same period 2015.
In addition, sappi earnings per share rose to USD17cps in contrast to USD12cps recorded in 2015.
The company expected Capital expenditure in 2017 is approximately USD350 million.
Sappi Limited, originally incorporated asSouth African Pulp and Paper Industries Limited.
In 1936, is a South African pulp and paper company with global operations.
South African Pulp and Paper Industries Limited was founded in 1936.The company is now known as Sappi and is headquartered in Johannesburg,It produces and sells commodity paper products, pulp, chemical cellulose, and forest and timber products for Southern Africa and export markets.In 2013, it was the world’s largest producer of dissolving wood pulp.
In 2003, Sappi announced that Andre Wagenaar had been appointed as the CEO of Sappi’s Forest Products Division, with effect from 1 January 2004, when Dr John Job relinquished his responsibilities for the Southern African businesses.
As of 1 July 2014, Steve Binnie became Sappi’s Chief Executive Officer. His predecessor, Ralph Boettger, resigned for health reasons after serving as CEO from 2007 to 2014.