Camposol Holdings reported record earnings in 2018 with increased fruit production compensating for lower shrimp prices and harvests.
Preliminary full-year results show that EBITDA from continuing operations reached US$150.2m, up 19.7 per cent compared to the previous year. EBITDA margin from continuing operations was 33 per cent, in line with expectations.
Sales totalled US$455.4m, up 23.6 per cent on the previous year, mainly due to higher volume of blueberries, grapes, mangoes and mandarins.
As of 31 December, the company maintained a cash balance of US$40.9m. Net debt was US$243.3m resulting in a net leverage ration of 1.6x.
“2018 was a good year for Camposol. We had a great blueberry campaign with over 80 per cent volume growth compared to 2017,” said CEO Jorge Ramirez.
Camposol is now Peru’s leading blueberry exporter, with a shipment total of more than 25,000 tonnes last year.
“The financial results prove the strength of our value proposition to our clients around the world,” Ramirez continued.
“We continue focused on becoming a year-round supplier and our investments in Colombia in avocados, Uruguay in tangerines, Peru in blueberries and shrimps and China in commercial footprint speak for themselves.
The company said it planned to continue the rollout of its vertical integrated and sustainable model to the consumer through its new slogan ‘Camposol cares from farm to family’.