Strong performance in mango and blueberry segments help lift net profit by 76.5 per cent compared to Q1 2023

Camposol has reported sales of US$152m for the first quarter of 2024, an increase of 29 per cent on the year-earlier period. Volume sold reached 28,122 tonnes a decrease of 11 per cent compared to 1Q 2023. EBITDA jumped 119.1 per cent to US$60.4m, net profit reached US$36.0m – an increase of 76.5 per cent on Q1 2023.

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Additionally, debt restructuring initiatives resulted in an improved financial position by a significant reduction of US$43m between short-term and long-term debt, achieving a Net Debt / EBITDA ratio of 3.37x, a considerable improvement from the 8.27x at closing 1Q 2023.

CEO Jose Antonio Gomez-Bazan said he was thrilled to announce the exceptional results. “These outstanding achievements were fuelled by the exceptional performance of our mango and blueberry segments, where our team’s coordination from the field to our distribution companies played a pivotal role in overcoming industry challenges,” he said.

“Additionally, our disciplined financial management played a crucial role in enhancing our financial position by reducing both short and long-term debt. By continuing the efficiency initiatives identified in 2023 and prioritising debt reduction, we’ve bolstered our financial stability and positioned ourselves for sustained success. I’m immensely proud of our team’s unwavering commitment and optimistic about the bright future that lies ahead.”

In the blueberry segment, volume grew by 21.1 per cent compared to 1Q 2023, reaching 16.1m tonnes. Revenue grew 35.5 per cent to US$117.5m, with a gross profit growth of 36.8 per cent.

“Despite market dynamics leaning towards price normalisation due to increased volumes from Peru and the ongoing Chilean campaign, our coordinated efforts between field operations and distribution companies, coupled with direct engagement with key retailers, resulted in a strategic allocation with a price higher than that of the first quarter in 2023,” Camposol said.

In the mango segment, despite a 24.3 per cent decrease in volume compared to Q1 2023, sales climbed USD 48.5 per cent to US$29.4m and gross profit jumped by 203.1 per cent. “Leveraging our harvested volume, which remained robust due to our meticulous management practices such as efficient irrigation systems ensuring consistent nutrient delivery to our trees during the whole season, we capitalised on opportune moments to secure favourable market prices,” Camposol said.

Other highlights of the first quarter include Camposol establishing itself as the leading mango exporter from Peru for the 2023/24 campaign and a leading exporter of Peruvian fresh blueberries, with a 16 per cent market share.