EBITDA climbed to HUF 6 bln in 2020 from HUF 2.5 bln a year earlier.
Vajda-Papír said it ramped up production 50% in March 2020 to meet increased demand because of panic buying early in the coronavirus crisis. Demand grew the most for toilet paper which accounts for 30%-40% of the company's output.
This year, Vajda-Papír expects "moderate growth" on domestic and export markets.
An expansion that will make Vajda-Papír feedstock self-sufficient and the addition of masks to the production palette are expected to boost annual revenue by HUF 15 bln.
Vajda-Papír is financing its investments with proceeds from a HUF 11.2 bln bond issued in the framework of the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary (MNB) last year, and it plans to issue a HUF 9 bln bond in the program this year.
The company exports to more than 20 countries in the CEE region, Scandinavia, and the Baltics. In 2013, it set up a production unit in Norway.
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