Conifex Timber Utilized 77% of its Capacity in 2021

SEATTLE (Scrap Monster): Conifex Timber Inc. announced results for the fourth quarter and year ended December 31, 2021.

The company generated net income of $27.2 million or $0.60 per share in 2021. It must be noted that the company had reported net loss of $6.5 million. The EBITDA from continuing operations totalled $51.8 million in 2021, as compared with $9.7 million in 2020. The EBITDA for the fourth quarter was $1.0 million. The company encountered net loss from continuing operations of $2.5 million or $0.06 per share during the quarter.

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Conifex Timber recorded lumber production of 184.1 million board feet in 2021. It reported an annualized operating rate of 77% of its total capacity. The extreme winter conditions in the B.C. region has impacted lumber production in the second half of the previous year. The shipments of Conifex produced lumber totalled 172.1 million board feet in 2021, significantly higher by 28% from 2020.

The revenues from lumber products were $217.1 million, representing a surge of 113% from 2020. The higher revenues were mainly driven by higher shipment volumes and significantly higher mill net realizations. The cost of goods sold in 2021 surged by 85% than the previous year, driven by increased shipment and production volumes and higher log costs.

Conifex Timber expects lumber market s to remain strong in 2022, on account of continuing supply constraints.