Camposol Holding PLC Announces Impressive Q2 2024 Results
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Camposol Holding PLC Reports Second Quarter and First Half 2024 Financial Results
Camposol Holding PLC (Camposol or the Company), a multinational company dedicated to providing fresh and healthy food globally, today announced its preliminary financial results for the second quarter ended June 30, 2024.
Camposol Maintains Positive Trend and Stable Performance
First Half 2024 Financial Overview
In the first half of 2024, Camposol achieved notable financial milestones:
- Volume Sold: Reached 40,052 MT, a 16% decrease compared to the same period in 2023.
- Sales: Totaled USD 182 million, marking an 18% increase from 2023.
- EBITDA: USD 61.7 million, a remarkable 84% increase compared to the same period last year.
- EBITDA Margin: Achieved 34%, up from 22% in 2023.
- Net Profit: Reached USD 19.3 million in the first half of the year, nearly matching the entire profit generated in 2023.
- Net Debt/EBITDA ratio: Stands at 3.86x, slightly over the targeted 3.5x metric.
Second Quarter Highlights
During the second quarter, Camposol made significant strides:
- Camposol reinforced its status as the leading exporter of Peruvian fresh blueberries for the 2023-2024 season, capturing a 16% market share.
- The company established itself as the foremost mango exporter in Peru for the same season.
- Peruvian agroexports saw a 6% rise in the first half of 2024 compared to 2023, positioning Camposol as the leading agroexporter in Peru.
- The company celebrated the commencement of the 2024 blueberry season in Hubei, enhancing its presence in the Chinese market.
- In early August, Camposol welcomed a distinguished delegation of Ministers responsible for Food Security from APEC economies to its headquarters in Trujillo.
Insights from the Interim CEO
Ricardo Naranjo, Interim CEO of Camposol, expressed pride in the company’s achievements:
"I’m proud of the positive path we are on. Our sales reached an impressive USD 182 million, reflecting an 18% increase compared to the same period in 2023. Our EBITDA reached USD 61.7 million, marking an 84% growth. Furthermore, our net profit of USD 19.3 million is close to matching the total profit of 2023. These results are primarily driven by strong performances in mango and blueberry segments and effective coordination across our operations, enabling us to address industry challenges efficiently."
Naranjo additionally noted the company’s ongoing debt profile improvement efforts and the execution of USD 14.5 million in bond repurchases during the second quarter. The USD 18 million of loans granted to related companies between 2023 and 2024 were offset against a USD 21 million dividend declaration. This strategy resulted in the settlement of accounts receivable by the end of the second quarter.
He also highlighted Camposol's standing as the leading exporter of both blueberries and mangoes for the 2023-2024 season and the honor of hosting the APEC Ministers delegation, positioning Camposol as a model of strategic excellence.
Analysis of First Half Performance
In the blueberry segment, Camposol noted a volume increase of 10.2% compared to the previous year, generating sales of USD 127.2 million. The volume sold reached 18,100 MT, while revenue indicated a 26.1% increase, alongside a gross profit growth of 19.8%. Despite market conditions nudging towards price normalization with increased volumes from Peru and competition from Chile, Camposol's coordinated efforts resulted in strategic allocations that maintained higher pricing compared to the first half of 2023.
In terms of mango sales, while the volume experienced a decrease of 34.2%, sales still reached USD 33.1 million. Revenue increased by 8.1%, with gross profits growing 113%, demonstrating resilience amidst declining production levels in the industry. The company capitalized on favorable pricing opportunities.
In the avocado segment, Camposol experienced a strong start in Colombia, achieving a 60% increase in volume and a 66% increase in pricing against the first half of 2023. The season for avocados typically begins in the second quarter, with sales expected to peak in the third quarter. Overall, the company recorded a 76% increase in avocado sales compared to the previous year due to a significant rise in volume and price.
The company’s financial discipline is evident with ongoing debt restructuring, maintaining short-term debt below 30% of total debt. Camposol holds USD 134 million in available credit lines across financial institutions, providing a robust buffer for short-term obligations.
Conclusion and Future Outlook
Camposol continues to demonstrate its resilience against industry challenges while leveraging its robust management practices to secure advantageous market pricing. Looking ahead, Camposol remains well-positioned for sustained growth, resilience in product segments, and maintaining leadership in both domestic and international markets.
Frequently Asked Questions
What were Camposol's sales figures for the first half of 2024?
Camposol reported sales totaling USD 182 million for the first half of 2024, an 18% increase from the previous year.
How did Camposol's EBITDA perform in the recent financial report?
The company's EBITDA reached USD 61.7 million, marking an 84% increase compared to the first half of 2023.
Which segments did Camposol excel in during the second quarter?
Camposol excelled in both its blueberry and mango segments, solidifying its position as the leading exporter in these categories for the 2023-2024 season.
What initiatives have Camposol taken regarding debt management?
Camposol has been actively improving its debt profile, with a focus on maintaining a Net Debt/EBITDA ratio of 3.86x and keeping short-term debt below 30% of total debt.
How is Camposol contributing to sustainable development?
Camposol is committed to social and environmental responsibility through its involvement in the United Nations Global Compact and its various sustainability initiatives.
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