Fresh food supplier, Camposol Holdings PLC announced its preliminary results for the third quarter of the year ended on September 30, 2024. 

The supplier reports achieving record monthly earnings before interest, taxes, depreciation, and amortization (EBITDA) in September and strong year-to-date results this year, highlighting the market leadership in key exports. 

In the first nine months of 2024, the company's volume sales decreased by 18%, reaching 71 metric tons (MT) compared to YTD Q3 2023. However, sales totaled $302 million, a 14% increase compared to the same period last year. 

EBITDA saw a 96% increase compared to 2023 Q3, which amounted to a little over $102 million. Net profits rose 63%, with the company seeing revenue of $32.7 million in comparison to last year's same period. 

Some of the company highlights include delivering a record monthly EBITDA, the highest in the company's history, for the last twelve months ending 3Q 2024, EBITDA reached USD 159.8 million, surpassing the previous 12-month record of USD 152.8 million set at year-end 2018.

Camposol also retained leadership of Peru's top agricultural exporter and ranked as the leading exporter of fresh Peruvian blueberries at the start of the 2024–2025 season. The organization was recognized by BASC for 21 consecutive years of excellence in the BASC Management and Security Control System, achieved Higher Level recertification in the IFS Food audit, and received BRCGS Food Safety recertification with an A++ grade, the highest rating available.

As per internal changes, Harold Mongrut Díaz, General Manager for the U.S. at Camposol S.A., was appointed to the North American Blueberry Council (NABC) Board of Directors as an international member, with a three-year term extending through 202, and Camposol successfully launched its new Investor Relations website, providing investors with a more accessible and detailed platform that enhances transparency and facilitates quick access to key, up-to-date financial information.

First nine months review

Camposol's blueberry volume grew by 5.4% compared to YTD 3Q 2023, with sales amounting to USD 180.8 million. The volume sold reached 22.4 thousand MT, while revenue increased by 21.5%, with a gross profit growth of 20.2%. 

This year, the organization reports they decided to "perform timely pruning to capture early-season prices, anticipating a strong market given the expected lower supply from Peru and concentrated volumes in 4Q," an approach that yielded significant returns, with the average 3Q price reaching over $12 dollars per kg which is 26% higher than 3Q 2023.

As for avocados, the company says they had a strong first campaign in Colombia and saw positive results from Peru's campaign despite a 21% decrease in volume sold. The volume reduction was fully offset by achieving an average price above USD 2.5 per kg, 36% higher than the same period in 2023.

The consolidated avocado segment achieved 21% growth in sales and an impressive 306% increase in margin compared to the same period last year.

Mangos, despite a decrease in volume compared to 2023, saw an increase in sales which amounted to $33.4 million. The volume sold reached 13.9 thousand MT, while revenue remained similar, and gross profit grew 103%.

The tangerine segment faced weather challenges, the company reports, due to weather-related challenges including high temperatures and strong winds in Uruguay impacting crop yields and increasing production costs.

Despite a 15% price increase, the segment experienced a 16% volume decline, leading to a similar gross profit result as 2023.

Camposol said their debt restructuring initiatives continued to be a priority.

Since the third quarter of 2023, short-term debt consistently remained below 30% of the company's total debt. "We have a total of USD 118 million in available credit lines from all the financial institutions we work with, meaning those not yet disbursed, which represents 78% coverage of our short-term debt," the press release says.

"This financial discipline resulted in a Net Debt/EBITDA ratio of 3.31x, a clear indicator of the improvement achieved over the past year and a half."

According to Camposol's IRO, Jossue Yesquen Lihim, the company is evaluating to refinance the bond next year and looking for different alternatives, including the addition of a new bond. "We are planning to execute a new refinancing in 2025." The leaseback is up for 330 million with the company's local back.