Hortifrut has reported its financial results for the first quarter, generating an EBITDA of US$51.7 million, increasing by over 106 percent year-on-year.

The profit, attributable to the owners of the parent company, reached $17.8 million, an increase of $16.4 million compared to the profit of $1.4 million registered year-on-year.

The producer and marketer of fresh and frozen berries said the better results are mainly the consequence of the good returns from the company's operations in China and Mexico.

The performance of its commercial platforms, its genetics business, and the start of proprietary raspberry variety production in Portugal also added to the company's performance.

Regarding China, the company has 270 hectares planted that are in the process of maturing, which increased its volume by 101 percent year-on-year in the first quarter, reaching over 1,500 metric tons (MT).

Hortifrut expects to reach at least 500 hectares planted by next year, according to the press release.

In Mexico, investments in blueberries and raspberries, along with third-party producers had their first harvest, reaching a total of over 1,570MT during the first quarter, an increase of 93 percent year-on-year.

All these factors resulted in an income from ordinary activities of the company that reached $244 million, representing an increase of 38 percent year-on-year.

"The excellent performance of its commercial platforms, the execution of the strategy, and knowledge of its customers and markets allowed it to commercialize a total volume of over 30,250MT, which represents an increase of 34 percent compared to the same period of the previous year, and still achieve a 4 percent increase in the average price per kilo," the press release stated.

Additionally, the growth of the genetics business, reached an EBITDA of more than $4 million during the first quarter of 2021, an increase of 660 percent year-on-year.

Finally, the company decided to invest in a new blueberry packinghouse located in the town of Mengzi, China, whose capacity to process 120MT per day in season, makes it the largest in Asia.

“For us, it has always been essential to deliver a superior and excellent service, and this new investment in China is no exception, especially with regard to product traceability," Juan Ignacio Allende, CEO of Hortifrut said.

"Follow-up from our farms to distributors and supermarkets is fully digitized, thus ensuring the highest standards both in food safety and in the quality of the fruit we deliver."