Peru: Strong Q1 for Camposol as blueberry sales soar
Peruvian produce giant Camposol has reported its EBITDA rose by 90% to US$19 million in the first quarter, thanks in part to significantly higher blueberry sales.
Total sales amounted to US$82.2 million, up 41% year-on-year.
The company sold US$40.9 million of blueberries in the period ended March 31 - double the amount registered last year. Blueberry sales volume rose 62% to 5,362 metric tons (MT), while prices rose 29% and costs rose 22%.
There were also modest increases for the company shrimp and 'other continued operations' segments.
During the quarter, Camposol invested US$7.4 million in blueberries, US$1.7 million in machinery and equipment, US$1.4 million in grapes, and US$1.3 million in tangerines.
The company's blueberry production is set to see strong growth over the coming years, with just 46% of its plantations considered to be in the high-yield phase, compared to 24% in medium-yield and 30% not yet in production.
"During the first quarter of the year we maintained the growth trend as a result of our strategic decision to focus on fresh and healthy products and to develop a direct road to market," said CEO Jorge Ramirez Rubio.
"In order to achieve our vision of become [sic] the preferred global supplier of healthy, fresh and convenient food, we continued the internationalization of our agricultural operations by acquiring land and plantations of tangerines in Uruguay.
"We will keep executing our business plan in order to continue strengthening Camposol as a world class company."