Sappi reports US$747 million annual loss as port delays hold back sales
Sappi reports a US$747 million annual loss and says Durban port congestion delayed about 38,000 tons of pulp sales into its new financial year.
Sappi reported a net loss of US$747 million for the year ended September 2026, compared with a US$177 million loss a year earlier, in results released on Friday.
Revenue fell 3% to US$5.277 billion, while adjusted earnings before interest, tax, depreciation and amortisation declined 41% to US$294 million. Net debt rose to US$2.05 billion.
The company said congestion at Durban’s port delayed approximately 38,000 tons of dissolving wood pulp sales from the fourth quarter into the first quarter of its new financial year.
Sappi expects a large proportion of that backlog to be resolved during the first quarter. That is a forecast, not confirmation that the delayed sales have already been completed.
The group also recorded a US$269 million negative forestry fair-value price adjustment. Special items reduced earnings by US$405 million, including US$319 million in impairments.
The condensed financial statements were reviewed by KPMG, which issued an unmodified review opinion. A review is distinct from a full audit.