The company recorded annual 2021 EBITDA of R$2.2bn, 70% more than for the previous highest year (2020).

It attributed the result to an improvement in the mix and successful passing of price increases.

Annual net revenues hit R$8.1bn, up 39% on 2020, while the fourth quarter result was also the company’s best ever quarter with a 14% growth in the quarterly adjusted and recurring EBITDA, confirming gains in operating efficiency.

In its results statement Dexco quoted IBA stats demonstrating that total Brazilian countrywide wood panel volumes were up 13% to 9.3 million m3 (2020: 8.2 million m3)

A 3% decline in Q4 volumes was recorded as a result of the furniture industry bringing forward planned maintenance shutdowns in the quarter.

The IBA stats also show a 15% growth in annual sales of wood panels in Brazil – 16% in MDF to 4.9 million m3 and 14% in MDP to 3.2 million m3. MDF internal market volumes in 2021 were up 15%, exports were up 0.6%.

Dexco’s own volumes rose 10% in 2021 to 3.1 million m3, with capacity utilisation at 96% for MDF and 94% for MDP.

Dexco’s general outlook for 2022 is stabilisation and a new level of interest rates without a significant impact on the sector. It expects demand for construction materials to hold steady, as a result of new real estate ventures already launched. But it said instability of the political scenario and pandemic may cause volatility.

Within the Wood division, Dexco will see extra panel coating capacity kick in, with a focus on expanding the mix. It predicts a high rate of factory utilization, with a potential increase in sales to the external market.

Dexco also operates the Deca division focusing on ceramics, metal fittings and electronic showers, while the Tiles division produces floor and wallcoverings and roof tiles.