Kingspan has reported a net profit of €616m in for 2022 as sales increased by 28% to €8.3bn.

The insulation products leader hit a milestone in achieving EBITDA of €1bn for the year, though its group trading margin of 10% was down 160 basis points.

Earnings per share increased 8% and the company has announced a final dividend per share of 23.8c for a total divided of 49.4c for the year.

Kingspan said acquisitions had contributed 9% to sales growth and 8% to trading profit growth in the year.

The Cavan-based group made a trading profit of €833m, up 10% year-on-year, or 7% on a currency-consistent basis, and invested €1.3bn in acquisitions, purchase of minority interest and capital expenditure for the year.

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The firm's year-end net debt doubled to over €1.5bn. Its net debt to EBITDA ratio rose from 0.88x to 1.62x, while its 15.9% return on capital employed, or 16.5% after acquisitions, was down from 19.5% in 2021.

"The 2022 outturn was very satisfactory in the context of accumulating uncertainty over the course of a bumpy year that saw a strong first half performance giving way to a more subdued environment in the second half of the year," said Gene Murtagh, CEO of Kingspan.

"Notwithstanding ongoing challenges in the global economy, we expect to see a continuation of the structural drive in favour of more sustainable buildings over the longer term," he said, adding that the group was very well placed to continue benefitting shareholders.

For the year, the value of sales of Kingspan's insulated panels increased 23%, driven by price increases, while sales of the company's QuadCore product increased 46% in value.

Sales of insulation rose 40% due to inflation and acquisitions, with technical insulation now comprising 35% of revenues in the division.

Returns from roofing and waterproofing products exceeded €500m while sales of lighting and ventilation products (+27%) and data centre (+33%) both increased significantly too.

Photo: Gene Murtagh. (Pic: Naoise Culhane)