Peruvian-headquartered Camposol posted an 18% year-on-year increase in sales in the second financial quarter to $182 million despite a decrease in volume sold, interim CEO Ricardo Naranjo said on an earnings call.

Naranjo said this was possible thanks to the company's "adequate coordination between field operations and distribution companies." 

These half-year earnings also marked the last segment of the 2023/24 blueberry campaign. According to Naranjo, the period was marked by lower volumes, which showed in the financial results.

The organization expects this to be offset in the third quarter after it begins its avocado harvesting season, which Naranjo says highlights the seasonality of the business.

The company's net profit for the first half of 2024 totaled $19.3 million, almost as much as the net profit generated in the entire year of 2023. Earnings before interest, taxes, and amortization margins achieved a remarkable 34%, up from 22% in the first half of 2023.

Naranjo highlighted the organization's decision to expand its own blueberry genetics plantings. "Currently, we have 50 hectares planted and this year we plan to increase by an additional 200 hectares through the replanting of existing hectares for renewal." 

He added that their plan is to complete the expansion by November this year. 

"The development of our own genetics is an ongoing project which started eight years ago and now is giving us a competitive advantage," he said. "It will consolidate Camposol as a leader in the blueberry industry."

The company reinforced its position as the primary Peruvian fresh blueberry exporter this season, holding a substantial 16% of the market share.

During the first half of 2024, the company experienced a 16% decrease in volume sold in comparison to the first half of 2023. The CEO attributes the drop to reductions in mango, grapes and tangerine volume.

"However," he added, "it's important to highlight that this decrease was mitigated by higher volume sold in blueberry and avocado, especially considering the good volume we had during the first season of avocado from Colombia."

He said they saw impressive growth of 76% in avocado sales, thanks to higher volumes and prices from avocado supplies from Colombian farms.

The CEO concluded his review by assuring listeners that the 2024 season is starting on a positive note. "Although we encountered obstacles, especially in the grape and tangerine sector, we've also experienced notable progress in blueberries and mangoes, and an early improvement in the results of current agro policies," he said. 

"As we look ahead, our focus remains on refining our operations and driving profitability across all areas," he added.