Camposol Holding PLC Reports Third Quarter 2024 Results
LIMA, Peru -- Camposol Holding PLC, a leader in the fresh food sector, has shared compelling preliminary financial results for the third quarter of 2024.
Impressive Year-to-Date Financial Growth
Review of Financial Performance for 2024:
- Volume Sold: 74,125 MT, a decrease of 18% from the previous year.
- Total Sales: USD 302 million, marking an increase of 14% year-over-year.
- EBITDA: USD 102.6 million, witnessing a substantial rise of 96% from the prior year.
- EBITDA Margin: Improved to 34%, up from 20% in 2023.
- Net Profit: Logged at USD 32.7 million, a notable 63% increase compared to 2023.
- Net Debt/EBITDA Ratio: Improved to 3.31x, highlighting a significant debt profile enhancement.
Highlights from the Third Quarter
This quarter proved transformative for Camposol, with several key milestones:
- Achieved a record monthly EBITDA of USD 30.7 million in September, the highest ever recorded.
- For the twelve months leading to the third quarter of 2024, EBITDA reached USD 159.8 million, surpassing the previous high.
- Maintained its position as Peru’s leading agricultural exporter by the end of the quarter.
- Ranked as the top exporter of fresh Peruvian blueberries for the upcoming season.
- Participated in major international trade shows, showcasing advancements in blueberry variety development and fostering valuable business relationships.
- Celebrated 21 years of excellence in management and security with a BASC recognition.
- Received an A++ grade in the BRCGS Food Safety recertification, the highest rating possible.
- Renewed significant certifications in the Netherlands, ensuring compliance with industry standards.
- General Manager Harold Mongrut Díaz joined the North American Blueberry Council, bolstering Camposol's representation in the industry.
- Launched an upgraded Investor Relations website, enhancing transparency and accessibility for investors.
Message from the Interim CEO
Ricardo Naranjo, Interim CEO of Camposol, highlighted the impressive results achieved so far:
"The results for 2024 reflect our robust operational strategy. Our sales increase of 14%, the 96% spike in EBITDA, and net profit growth of 63% indicate our solid pathway to sustainable growth. This quarter, we celebrated a record monthly EBITDA, driven by our team’s commitment and our segment strengths.
In our key sectors, we continue to solidify our leadership, particularly in blueberries, while nurturing essential relationships with clients in the U.S., reinforcing our business ties.
Aligned with our financial strategies, we significantly improved our debt profile, achieving a net debt-to-EBITDA ratio of 3.31x as of September, reflecting our strategic advancements over the past years.
I am optimistic about our growth trajectory and grateful for our dedicated team as we build towards a sustainable future for Camposol."
Diving Deeper into Product Segments
In the blueberry category, Camposol saw a 5.4% increase in volume sold, achieving sales of USD 180.8 million with a gross profit increase of 20.2%. Timely pruning strategies allowed Camposol to capture favorable early-season prices, with average prices hitting over USD 12 per kg.
The avocado segment performed commendably despite a decrease in volume. Strong pricing strategies led to growth in sales by 21% and a remarkable increase in margin compared to the previous year.
While the mango segment experienced a volume drop, sales remained steady at USD 33.4 million, demonstrating Camposol's resilience amidst industry fluctuations.
Weather challenges impacted the tangerine segment, but strategic pricing led to steady gross profits, reflecting the company’s adaptive strategies under pressure.
Moreover, Camposol's focused efforts in debt restructuring help maintain short-term debt well below 30% of total debt, reinforcing a robust financial framework.
Frequently Asked Questions
What were Camposol Holding PLC's key financial achievements in Q3 2024?
The company reported a record monthly EBITDA of USD 30.7 million and significant growth in sales and profits compared to the previous year.
How has Camposol maintained its market leadership?
Camposol has remained proactive in strengthening client relationships and enhancing its product offerings, particularly in blueberries and avocados.
What strategies did Camposol employ to improve profit margins?
The company focused on strategic pricing, effective resource management, and operational efficiency to boost profit margins across its product segments.
How does Camposol ensure food safety and quality?
Camposol adheres to rigorous international standards and certifications, including BRCGS and IFS standards, ensuring high levels of food safety and quality.
What production changes did Camposol implement this year?
Timely pruning and market analysis to capture early-season prices were key strategies adopted by Camposol to maximize revenue from its blueberry crops.
