Camposol has reported a 71.9 per cent jump in EBITDA for the third quarter of 2016 to US$24.8m. The improvement reflects the company's move towards high value fruits and vegetables and investments in intensive shrimp farms. EBITDA for the nine months ended September 2016 reached US$43.1m.
The company sold 23,209 tonnes during the third quarter down 8.7 per cent from the year-earlier period, with higher blueberries and shrimps volumes partly offsetting the reduction in volumes of avocados and other seafood products. An increase in prices of avocados and shrimps helped push total sales up 19.2 per cent to US$72.1m.
In August the board of directors approved the discontinuation of asparagus operations and focus on blueberries, avocados and citrus.
Earlier this month, Camposol appointed Jorge Ramirez Rubio, who runs the company’s shrimp farming business, as CEO. Ramirez, was previously chief financial officer between 2008 and 2013, has turned around the company’s rapidly growing shrimp business.
The company said it expects to continue its diversification strategy by increasing the production in the fruit and vegetable segment (blueberries and tangerines) and seafood segment (conversion to intensive shrimp ponds), as well as continue to reinforce its strategy of direct sales to retailers, adding value to its clients through commercial, marketing and service initiatives which should result in higher margins.
"During the first three quarters of 2016 Camposol has delivered. It has successfully increased volumes and margins in blueberries, of which 83 per cent was sold directly by our commercial offices, and in shrimps from intensive ponds,” Ramirez said.
“The entire value chain was properly aligned to achieve such results, with still plenty of opportunities to improve in the future. With favourable market trends and highly focused on our strategy, we will continue strengthening Camposol as a world class company.”