Strong blueberry performance boosts Camposol results
Camposol has recorded a rise of almost 12% in its first quarter 2022 sales to $406.3 million LTM from the same period a year before, thanks to strong blueberry demand, with EBITDA also increasing by 30% to $121.6 million.
Blueberries accounted for 60% of Camposol’s sales during the quarter, followed by avocados at 18%. The company operates almost 15,000 hectares of its own land plus 720 leased hectares in Peru, as well 3,921 hectares in Colombia and 1,521 in Uruguay. It additionally operates production sites in Mexico and Chile.
However, although avocados accounted for the largest farmed areas at 4,552 hectares, far eclipsing the 2,719 hectares of blueberries and 1,190 hectares of tangerines, blueberries were in any case the company’s most profitable crop during the quarter. Blueberries led the field for Camposol in the year to March 2022 in terms of both sales revenue by crop – at $70.7 million – and gross profit by crop at $21.3 million.
In its results report, the Lima-based firm said increased volumes of both fresh and frozen blueberries during the first quarter of 2022 had made it possible to capture better returns than expected, with a lower unit cost due to higher volume.
The U.S. and Europe accounted for the bulk of Camposol’s export revenue during the period – at 49% and 33% respectively – with around 9% sold in Asia and the remainder in other destinations. However, in a sign that China is becoming a more important market for Camposol, the company announced in late May, via Peruvian blueberry association ProArandanos, that it had become the country’s first producer to export the fruit to China during the 2022-23 season.
“We count on a local team based in Shanghai which allows us to identify the opportunities, trends and risks presented by the market in advance, so we can take the best decisions,” said Luis Miguel Baanante, managing director of Camposol China.
“Our commercial window is continuing to increase and, in the specific case of blueberries, we have achieved sustained consistency in the quality of our fruit, which has enabled us to become the preferred option of the customers and the different sales channels that we work with.”
Camposol said its was continuing to execute its strategy of become a year-round supplier of fresh fruit by complementing its Peruvian operations with investments in Colombia, Uruguay and, more recently, Mexico and Chile.
An estimated 24% of Camposol’s planted fields are yet to enter productive stage, which the company said gave a very optimistic view of its future growth. In fact, Colombia accounts for the vast majority of this figure, with 1,581 hectares still to reach production, as well as a further 496 hectares in Uruguay and 200 hectares in Peru.
Camposol supplies more than 40 countries with avocados, blueberries, grapes, mangoes and mandarins, among others, via its commercial offices in the U.S., the Netherlands and China.
Correction 12.06.21: A previous version of this article incorrectly stated Camposol's LTM sales and blueberry volumes.