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Photo: Agrosuper/FIS
Agrosuper Holding Reverses Financial Position, Recording Profits of $196 Million
CHILE
Friday, November 08, 2024, 04:00 (GMT + 9)
Agrosuper, one of Chile's largest food holdings, has successfully reversed its financial standing, shifting from losses to significant profit growth.
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This marks the second consecutive quarter where the company, founded by Gonzalo Vial, has shown improvements in its financial balance. In the first nine months of 2023, Agrosuper reported losses of $78 million, but by the third quarter, it has already consolidated profits close to $197 million.
Between July and September of this year, the company saw a remarkable turnaround, converting losses of $22 million into gains of $104 million.
Agrosuper's sales have remained stable throughout the year, with a slight increase in the third quarter, reaching $988 million, representing a growth of less than 1%. By the end of September, total revenue was $3.13 billion, showing a slight decrease compared to the previous year.
In the aquaculture segment, Agrosuper noted that “the global supply of salmon increased compared to the same period last year, primarily driven by higher harvests in Norway. In contrast, Chile saw a 2.8% contraction in supply over the past 12 months.”
"Despite the larger global harvest, prices for fresh salmon fillets in the United States remained stable due to smaller sizes harvested and a reduced premium share from Norway. In the Brazilian market, prices also held steady as demand continued to grow," the company emphasized.
Agrosuper’s aquaculture segment ended the period with a 7.2% increase in revenue compared to the same period in 2023, reaching $1.227 billion, which accounts for 35% of the company’s total revenue.
The company's EBITDA soared in the third quarter, reaching $173 million, a 142% increase compared to the same period in 2023, driven mainly by the performance of the meats segment. In fact, EBITDA from this segment rose from representing 39% of the total in 2023 to 72% in this last quarter.
Additionally, Agrosuper reduced its financial debt by 32% compared to the end of 2023 and nearly 10% compared to the second quarter of 2024.
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