Sappi saw net profit for the year ended September jump 91% as it paid its first dividend since 2008, of 11 US cents. "I am delighted that our robust performance has allowed us to declare a dividend for the first time since 2008," CEO Steve Binnie said on Thursday. "Significantly, our profit for the year has nearly doubled to $319m and our earnings per share for the year increased by some 68% to 57 US cent," Binnie said. The pulp, paper and packaging group had built on momentum created in 2014 and 2015, as its strategy to increase sales of dissolving wood pulp, also known as chemical cellulose, helped profits, he added. Sappi also took costs out of its graphic paper operations in Europe and moved further into speciality packaging. Dissolving wood pulp is used in textile, clothing and pharmaceuticals. Sappi is a global leader in production of chemical cellulose, benefiting from demand in China, India and Indonesia and a weaker rand. Also reporting fourth quarter results, the pulp, pac...
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