Fresh Del Monte's 2020 sales and income impacted by pandemic

Fresh Del Monte's 2020 sales and income impacted by pandemic

Fresh Del Monte's 2020 sales and income impacted by pandemic

Fresh Del Monte has posted lower sales and net income year-on-year for 2020 as a result of the Covid-19 pandemic, but the company is hopeful it will see performance gains in 2021.

Net sales for the full year in 2020 were $4.2 billion, compared with $4.5 billion in 2019, due to lower net sales in all of the company's business segments.

Meanwhile, net income was $49.2 million, compared with $66.5 million in 2019.

The company said the pandemic impacted net sales during 2020 by an estimated $303.6 million in the company's fresh and value-added and banana business segments.

“In 2020, we benefited from actions taken as part of our $100 million asset sale optimization program, as well as making progress on our five-year strategic initiatives to become a value-added and more diversified Company,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer.

“The emphasis on selling non-strategic, underutilized assets, and strengthening our core businesses led to improved cash flow and reduced debt. These efforts along with our versatile, vertically-integrated platform helped us mitigate the effects of disruptions, including weather and the COVID-19 pandemic."

He added that the company is proud of the progress it has made in the following areas in the midst of a global pandemic - opening a new Mann Packing facility in California that merges four facilities into one, opening a new distribution and fresh-cut facility in Yokohama, Japan, and opening a new avocado packing facility in December 2019.

"We are optimistic that with an improved balance sheet, and our strategic focus on value-added products to respond to the shift in delivery channels driven by the trend towards a ‘stay-at-home economy’ we will continue to see gains in our performance during 2021. Our goal, as always, is to deliver shareholder value over the long-term,” Abu-Ghazaleh said.