Hortifrut profit soars in 2020
Chile-headquartered berry company Hortifrut has posted strong financial results from 2020, in which profit soared to US$54.02 million from $3.56 million the previous year.
Hortifrut attributed these results mainly to the management of its commercial platforms in destination markets which allowed for a 1.47 increase in the average sales price, the design of the production curve to start the season early in Peru, and the strength of its genetics programs, which resulted in a 16.16% increase in the volume sold.
In addition, a corporate restructuring focused on leveraged efficiencies in production technologies and operations, generated a reduction in sales costs per kilo and improved fruit quality.
The company's EBITDA also soared in 2020, rising by 75.9 percent to $175.13 million.
"We are very satisfied with the performance achieved during 2020, because despite all the difficulties derived from the pandemic, the roadblocks in Peru and the U.S. government investigation through the USITC, we achieved excellent results thanks to the effort and commitment of our entire team around the world," said Juan Ignacio Allende, Corporate CEO of Hortifrut.
"This confirms our diversification strategy, with global platforms that were able to capture the best prices in the different markets, the recognition of our genetic program, the continuous innovation and application of technologies, and the excellent execution at both the operational and production levels.
"The above, together with the financial strength of the company, the consolidation of our investments in China and Mexico, the growth opportunities in our genetics business, and the sustained increase in demand, allow us to look with optimism at the results for this new season, which began in the second half of 2020 and ends in June of this year."