Net profit at Arctic Paper soared by more than 380%, according to the group's fourth-quarter results.

The Polish-listed company reported a turnover increase of 27.6% in Q4 2009 to PLN432.7m, coupled with a 383% rise in net profit to PLN31.1m.

EBITDA also increased by 46.9% to PLN48.1m in the last quarter of the year, while turnover for the full year increased by 42.5% to PLN1.8bn.

Meanwhile, the company also announced that its purchase of Sweden's Grycksbo Paper Holding completed on 1st March.

Michal Jarczyn ski, chief executive of Arctic Paper, said the company had experienced an upswing in the paper market in the fourth quarter of 2009.

"We will devote the upcoming months to integrating the Grycksbo paper mill into the Arctic Paper structure and exploiting the opportunities offered by the increased demand visible on the paper market," he said.

The high-bulk book paper and graphic paper manufacturer has significantly strengthened its market position following the purchase of Grycksbo Paper from investment fund Accent Equity 2003. Grycksbo annually produces 265,000 tonnes of coated fine paper, which is sold under the mill's G-Print brand.

Grycksbo's heat production is carbon dioxide neutral and the mill produces its own electricity. Transport systems also reduce travel emissions by more than 30%, and it is FSC and PEFC certified.

Jarczynski said: "We have paid down a third of the debt and acquired the Grycksbo paper mill, which fits in perfectly with our structure both in terms of the product range and the sales network.

"The effects of this acquisition will be visible in the consolidated results from 1 March 2010."