RMK 2022 profit €153 million
The business profit of the Estonian State Forest Management Center (RMK) came to €152.6 million last year and turnover to €302 million. The state company sent €88 million to the government's coffers.
The total turnover of RMK was €302.3 million and business profit €152.6 million in 2022. The state-owned company paid €88 into the state treasury of which €73.7 in dividend and €14.3 income tax on dividend, the company reported.
Sale of timber counted for €299,6 million. Growth of turnover was mainly down to higher timber prices. A cubic meter of timber cost €80 last year, up from €57.1 in 2021.
RMK sold 3.75 million cubic meters of wood last year. Logs made up 47 percent of timber sales, pulpwood 30 percent and heating wood and wood chips 23 percent.
Roundwood sales came to 3.44 million cubic meters (3.54 million in 2021), wood chips to 0.29 million (0.28 million in 2021) and logging rights 13,900 square meters (14,100 in 2021) of timber.
Profit €1.4 billion with aset growth factored in
The sharp timber price hike also saw the value of RMK's biological assets and profit grow by €1.258 billion. The total profit for the reporting year, with change of value of biological assets factored in, came to €1.396 billion. This was just €260.5 million in 2021.
RMK's assets were worth in excess of €3 billion at the end of last year of which biological assets made up €2.14 billion. By late 2021, the value of RMK assets totaled €1.695 billion.
The annual report also mentions that the State Forest Management Center has no loans.
This year, RMK plans to sell 3.7 million cubic meters of timber at an average price of €74.3 per cubic meter. Sales revenue for 2023 is planned at €278.1 million and EBITDA €82.1 million.
RMK gave as the reasons for its conservative estimate falling timber prices and more expensive services.
The company plans to invest almost €35 million this year. Last year, €56 million was invested in forest renewal and maintenance, construction and maintenance of forest roads, visitor management, nature education and conservation.
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Editor: Marcus Turovski