Sharp rise in blueberry volumes lifts Camposol's profits through Q3

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Sharp rise in blueberry volumes lifts Camposol's profits through Q3

Peru-based Camposol's EBITDA rose 4% to a record US$88.4 million during the nine months through September on the back of a huge 122% rise in blueberry volumes.

It also registered record EBITDA of US$54 million for the third quarter alone, up 10.4% year-on-year.

The company sold 9,571 metric tons (MT) of the fruit through the third quarter, compared to 4,305MT over the same period last year.

Over this time the average price per kilo of blueberries was 16% higher year-on-year at US$8.10, while the average cost was up 15% at US$4.64.

Camposol attributed the increase in volume mainly to hectares enter higher-yield phases. Of its 2,073 hectares of blueberry plantations, 79% are now in a high-yield phase while the remaining 21% are not yet producing fruit.

The company also boosted the volume of avocados sold by 6% to 44,353MT, with the average price per kilo 15% lower at US$2.39 and costs 7% lower at US$1.1.

The rise in avocado volumes is attributed to "very good weather during last winter". Of Camposol's 2,824 of avocado orchards, 79% are also in a high-yield phase, 6% in a medium-yield phase and 15% currently unproductive.

Camposol notched a 21% year-on-year rise in the value of total sales over the nine-month period to US$290 million.

During the first nine months of 2018, Camposol made investment commitments amounting to US$105.6 million, and had net disbursements of US$84.4.

That figure included US$27.4 million invested in blueberries, US$20.8 million in tangerines in Uruguay and Peru, US$10.8 million in avocados in Colombia and Peru, US$7.9 million in the conversion of intensive shrimp ponds, US$5.6 million in grapes and US$700,000 in mangoes.

"Nowadays, the main supermarket chains in the world recognize the strength of Camposol’s value proposition based on high levels of quality, consistency, traceability and on-time delivery of our products," said Jorge Ramirez Rubio, CEO of Camposol.

"This performance is possible because of our vertically integrated production model, which is also socially and environmentally responsible. Camposol is now moving up from being a window player to a year-round supplier and this is how we decided to go to Colombia to produce avocado all year round, together with Peru.

"Camposol has also arrived in Uruguay and soon will be the most important seedless tangerines player in the southern hemisphere and continue growing strongly in blueberries and shrimps from Peru, because of the advantage of being able to produce them all year round, with a continuous presence at the point of sale and an intelligent and focused communication."

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