CHILE – Chilean wood panel manufacturer Masisa reversed losses recorded in 2020 with a profit of USD 23.2 million in 2021, which compares with losses of USD 160.4 the previous year.

The company’s consolidated EBITDA in 2021 was USD 78.0 million, an increase of 154.9 percent over the previous year (USD 30.6 million).

This improvement is explained as a result of increased demand and improved margins, due to the focus on higher value-added products and cost efficiencies associated with the execution of the strategic plan.

Sales revenues in 2021 reached USD 447.6 million, a decrease of USD 126.6 million compared to the previous year. The drop in sales is due to a non-recurring effect associated with higher revenues from the divestment of Chilean forestry assets in June 2020. Excluding this effect, consolidated sales revenues increased by USD 102.5 million in 2021 compared to the previous year (+29.7%).

In December 2021, Masisa signed a credit agreement with the Inter-American Investment Corporation (IDB Invest) for a committed credit line of up to USD 35.0 million, for a 5-year term, whose use of funds will be to finance capex and working capital.