Hortifrut reports income of US$ 503 million in the first semester 2023
From
| 12 September 2023
Overview of blueberries in the U.S. market, complemented by charts from Agronometrics. Original published on September 11, 2023.
Hortifrut’s Board of Directors approved the Consolidated Financial Statements as of June 30, 2023, compared with the financial statements as of June 30, 2022.
During the first semester, the total income of Hortifrut, a world leader in the production and marketing of fresh and frozen berries, reached US$ 503 million, that is, 10.8% more than those obtained in the same period last year. This increase was mainly due to the 16.30% increase in the sales volume of fresh fruit since prices remained without major variations in said segment.
The greater sales volume of fresh fruit was due to the following factors: 1) greater volume of blueberries in Mexico associated with greater productivity in relation to the same period of the previous year, 2) increase in the volume of blueberries in Peru, explained mainly by the increase in the commercialization of fruit from third-party exporters (corresponding to Hortifrut genetics, own or licensed) on which the Company obtains a margin for commercialization, 3) the maturation of raspberry plantations in Mexico, with Hortifrut’s own variety, Centennial, which has had a very good performance in its own fields and those of third-party producers, and 4) greater volume of blueberries from fields in China.
Source: USDA Market News via Agronometrics.
(Agronometrics users can view this chart with live updates here)
The foregoing was partially offset by lower volumes from Chile and Morocco, as well as products from the frozen segment, which fell due to lower demand in this segment.
Meanwhile, EBITDA as of June 2023 reached US$79.28 million, an amount 20.59% higher than that registered in the first half of 2022. Said increase was explained by the higher volumes produced and sold of blueberries and raspberries in Mexico, the higher volumes of Peruvian fruit sold and also due to the higher volumes sold and prices for fruit in China. On the other hand, total costs and expenses grew by 9.53%.
In the first half of the year, Hortifrut registered a profit attributable to the owners of the parent company of US$17.50 million, which compares with the US$20.68 million recorded as of June 2022.
The News in Charts is a collection of stories from the industry complemented by charts from Agronometrics to help better tell their story.
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