Cresud S.A.C.I.F. y A. Reports Robust Fiscal Year Results
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Cresud S.A.C.I.F. y A. Reports Fiscal Year 2024 Results
Cresud S.A.C.I.F. y A. (NASDAQ:CRESY), a leading agricultural company in Latin America, has announced its financial results for the fiscal year 2024, concluding on June 30. The company has demonstrated resilience amidst various challenges faced by the agriculture sector.
Financial Highlights for Fiscal Year 2024
The net result for fiscal year 2024 recorded a significant change, with a gain of ARS 104,129 million, down from ARS 279,709 million in the previous year. Despite lower commodity prices, the company reported an adjusted EBITDA of ARS 256,396 million—indicative of a robust performance from its agriculture and property investments.
Performance in Agricultural Operations
Cresud managed to plant 277,000 hectares, producing 707,000 tons of grains. This production was affected by lower rainfall in key regions, resulting in a 7% decrease from the prior season. Nonetheless, the company is set to overcome these challenges through strategic initiatives.
Livestock and Urban Property Ventures
The livestock operations saw impressive outcomes, particularly due to improved pricing conditions. The urban properties also contributed significantly to Cresud's overall performance, resulting in substantial revenue and gross profits.
Dividends and Shareholder Returns
Throughout the year, Cresud declared cash dividends totaling ARS 52,000 million. The company also distributed treasury shares, amounting to about 1% of its stock capital, in an effort to reward its investors.
Detailed Financial Overview
Reviewing the financial statements, the agricultural business generated revenues of ARS 384,487 million and a gross profit of ARS 73,324 million. The urban property segment reported revenues of ARS 270,550 million with a gross profit of ARS 221,659 million. This diversified income stream reflects Cresud's strength and adaptability.
Understanding the Balance Sheet
The balance sheet as of June 30, 2024, shows total assets of ARS 3,473,111 million compared to ARS 3,972,964 million a year earlier. Current liabilities decreased slightly, contributing to an overall strengthening of Cresud's financial position.
Engagement with Investors
Cresud values communication with its investors and held a conference call to discuss the results in depth, facilitating an avenue for stakeholders to gain insights into the company's trajectory and strategies.
About Cresud
Cresud S.A.C.I.F. y A. is a premier Argentine agricultural entity with a growing footprint across Latin America. The company is committed to sustainable practices and delivering value to its investors through continuous improvement and innovation.
Frequently Asked Questions
What are Cresud's key financial results for FY 2024?
Cresud reported a net gain of ARS 104,129 million for FY 2024, with significant contributions from both agricultural and urban property segments.
How has the livestock sector performed?
The livestock sector exhibited strong results, benefiting from rising meat prices and enhancing overall profitability.
What dividend distribution has occurred?
Cresud distributed dividends amounting to ARS 52,000 million and treasury shares, rewarding its shareholders effectively.
How did the agricultural output fare?
While the agricultural output saw a slight decrease due to environmental factors, the segment remains a key revenue driver for the company.
Why is Cresud's performance important?
Cresud's performance is essential due to its significant role in the agricultural sector, contributing to food supply and economic stability across regions.
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