Canadian flexible packaging company Imaflex reported revenue of C$31.1 million ($24.22 million) for the first quarter (Q1) of fiscal year 2022 (FY22).

Growth of 24.7% over FY21 was driven by higher product prices and higher sales volumes in Canada and the United States.

For the three months to March 31, Imaflex’s gross profit increased 3.9% to C$4.8 million, but its gross margin as a percentage of sales declined to 15.4% from 18.4% for the corresponding period last year.

Driven by a higher gross margin and other factors, the company’s first-quarter net income was C$2.1 million, up 6.7% from C$2.0 million. Canadian dollars in the first quarter of 2021.

Its diluted earnings per share (EPS) for the quarter was unchanged from a year ago at CA$0.04, while its earnings before interest, tax, depreciation and amortization (EBITDA) was C$3.5 million. CA$, representing 11.4% of its sales.

Imaflex President and CEO Joe Abbandonato said, “The positive momentum seen over the past two years has continued into the first quarter of 2022, with Imaflex recording strong year-on-year increases. other of its revenue and its net profit.

“As we anticipated, overall sales volumes increased from the fourth quarter of 2021, while also exceeding the levels achieved in the first quarter of 2021, with growth coming from both our Canadian and US operations.

“Recently, we have further enhanced our production capacity and capabilities, ordering ancillary flexible packaging equipment, including a metallizer, to replace aging assets. No additional financing is required to finance the purchases.

“These investments are in addition to our major April 2022 announcement regarding the purchase of three multi-layer extruders (“Extruders”). They help ensure future growth at a higher contribution than historical standards.

Based in Montreal, Quebec, Imaflex manufactures polyethylene (plastic) film and bags, including metallized plastic film, for the agricultural, consumer and industrial markets.

Last November, the company announced a 28.6% increase in revenue for the third quarter (Q3) of FY21.