UPM Reports Strong Q2 Earnings with 71% Profit Increase
UPM has announced a significant improvement in its financial performance for the second quarter of 2024, with comparable operating profit rising sharply compared to the same period last year.
The forestry company’s comparable operating profit increased by 71% to €212 million, up from €124 million in Q2 2023, as reported by MTV Uutiset. Revenue saw a modest rise, reaching approximately €2.36 billion, while earnings per share more than doubled to €0.29 (MTV Uutiset).
The strong results follow a weak comparison period in 2023, during which UPM faced challenges in its operations. Yle reports that the company’s overall revenue grew slightly from the previous year, reflecting a recovery in its financial position.
In addition to its financial performance, UPM made progress on strategic initiatives during the quarter. The company finalized an agreement to establish a joint venture for graphic paper with Sappi and advanced plans to separate its plywood business into a new independent entity (MTV Uutiset).