CSOL Holding's EBITDA for the first nine months of 2020 amounted to USD 55.5 million and the corresponding EBITDA margin was 27.3%. Sales amounted to USD 203.5 million, up 1.8% compared to the first nine months of 2019, mainly due to increases in mangoes, grapes, tangerines and avocados volumes. LTM Sales and EBITDA amounted to USD 330.2 million and USD 123.3 million respectively. As of September 30th, 2020, the Company maintained a cash balance of USD 33.9 million and a net leverage ratio of 3.4x.
The Company continues executing its strategy to become a year-round supplier of fresh fruit to our global clients complementing its Peruvian window operations with investments in Colombia, Uruguay and lately in Chile, and capitalizing on its commercial and logistic platforms.
Despite the global pandemic context, the Company has achieved a higher EBITDA margin LTM 3Q-2020 compared to 2019, this result was due to higher yields of our crops, which impacted in higher volumes through agricultural management improvements. In Q3, notwithstanding Covid 19 caused a decrease in income and a global contraction in consumption, we finished our avocados season in Peru with higher volumes than showed in 2019. In that sense, we have continued with our expansion plan by increasing our planted hectares in Colombia and Uruguay", said Jorge Ramírez Rubio, CEO of Camposol.
Please read the enclosed third quarter 2020 financial results report (or click on the links below if received by e-mail).
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