Camposol’s LTM EBITDA amounted to USD 115.9 million, LTM Sales amounted to USD 341.9 million, net leverage ratio was 1.1x. down from 1.9x reported last June. For the first nine month of 2017, Camposol recorded an EBITDA of USD 79.7 million, 100.0% higher than the same period last year. EBITDA margin increased to 33.1% from 22.7% compared to the same period last year. As of September 30th, 2017, the Company maintained a cash balance of USD 36.1 million.
During the first nine months, sales amounted to USD 240.6 million, up 37.2% compared to the same period in 2016. This increase is mainly explained by higher volume and prices of avocados and higher volumes of shrimp from Marinasol’s intensive shrimp ponds (Aquaculture Division).
The Company expects to continue its diversification strategy by; increasing production of the F&V Division (blueberries, avocados and tangerines), converting open ponds into intensive ponds in Marinasol, and strengthening relationship with clients adding value through commercial strategies, marketing and service initiatives.
Perspectives of long-term growth of fresh and healthy products are excellent. Avocado and blueberry consumption is growing, with headroom for increased per capita consumption in key markets. The Company expects good demand for its products in North America, Europe and Asia.
“Our strategic decision to focus on fresh and healthy products and serving the retailers directly through our international commercial platform, continues delivering strong results. Along these lines, we are happy to announce the opening of our third commercial office in Shanghai and the introduction of “The Berry That Cares” brand that emphasizes our social and environmental commitments. We will continue strengthening Camposol as a world class company” stated Jorge Ramirez Rubio, CEO of Camposol.