CRESUD S.A.C.I.F. y A. announces its results for Fiscal Year 2024, ended June 30, 2024

Rhea-AI Summary

CRESUD S.A.C.I.F. y A. (NASDAQ:CRESY, ByMA:CRES), a leading Latin American agricultural company, has announced its results for Fiscal Year 2024 ended June 30, 2024. The company reported a net gain of ARS 104,129 million, down from ARS 279,709 million in 2023. Adjusted EBITDA reached ARS 256,396 million, increasing 23.5% compared to the previous year. Despite productive challenges and lower commodity prices, CRESUD planted 277,000 hectares, producing 707,000 tons of grains. The company's livestock activity showed strong performance with high meat production and improved prices in Argentina. CRESUD also sold farm fractions for USD 75 million, generating a profit of USD 48 million. The company distributed cash dividends totaling ARS 52,000 million and IRSA shares worth 22.1 million.

Positive

• Adjusted EBITDA increased by 23.5% to ARS 256,396 million in FY 2024
• Livestock activity showed strong performance with high meat production and improved prices
• Farm sales generated a profit of USD 48 million
• Distributed cash dividends of ARS 52,000 million and IRSA shares worth 22.1 million

Negative

• Net gain decreased from ARS 279,709 million in FY 2023 to ARS 104,129 million in FY 2024
• Grain production decreased by 7% due to lack of rainfall in Argentina and Brazil
• Lower commodity prices impacted agricultural business performance

Insights

Financial Analyst

CRESUD's FY2024 results reveal a mixed performance. While net profit declined significantly from ARS 279,709M to ARS 104,129M, adjusted EBITDA increased by 23.5% to ARS 256,396M. The agricultural segment faced challenges with a 7% decrease in grain production due to adverse weather conditions. However, the livestock division performed well, benefiting from improved meat prices in Argentina.

The company's strategic land sales generated USD 48M in profit, showcasing effective asset management. The distribution of dividends, both in cash (ARS 52,000M) and IRSA shares, indicates a commitment to shareholder returns. Despite the profit decline, CRESUD's diversified business model and land assets provide resilience in a challenging agricultural environment.

Agricultural Commodities Expert

CRESUD's agricultural performance reflects broader regional challenges. The 7% drop in grain production to 707,000 tons, despite planting 277,000 hectares, underscores the impact of drought conditions in northern Argentina and Brasilagro's production areas. This aligns with the global trend of climate-induced yield volatility.

The company's pivot to livestock in northwest Argentina and Brazil proved strategic, capitalizing on rising meat prices. This diversification buffered against crop yield declines. The USD 75M land sale demonstrates CRESUD's ability to monetize assets in a challenging market. Looking ahead, the company's large land bank and regional diversification position it well to navigate agricultural commodity cycles and climate-related risks.

BUENOS AIRES, Argentina, Sept. 5, 2024 /PRNewswire/ -- CRESUD S.A.C.I.F. y A. (NASDAQ:CRESY, ByMA:CRES), leading Latin American agricultural company, announces today its results for the Fiscal Year 2024 ended June 30, 2024.

HIGHLIGHTS

• The net result for fiscal year 2024 recorded a gain of ARS 104,129 million compared to a gain of ARS 279,709 million in 2023.
• The company's adjusted EBITDA reached ARS 256,396 million in fiscal year 2024, ARS 80,066 million from the agricultural business and ARS 176,330 million from the urban properties and investments business, increasing 23.5% compared to fiscal year 2023.
• We concluded a campaign with productive challenges in the region and lower commodity prices. We planted 277,000 hectares in the region producing 707,000 tons of grains, 7% below last season due to lack of rains in the north of Argentina and in the areas where Brasilagro produces, impacting our yields.
• Livestock activity, focused on own farms in the Northwest of Argentina and Brazil, closed the year with high levels of meat production and very good results due to a significant improvement in prices in Argentina.
• During the year we sold 3 fractions of farms in the region for a total amount of USD 75 million, generating a profit of approximately USD 48 million.
• During the year, we distributed cash dividends for a total amount of ARS 52,000 million and in IRSA shares for 22.1 million, in addition to treasury shares distributed for approximately 1% of the stock capital.

 

Financial Highlights
(In millions of Argentine Pesos)
FY 2024 ended June 30, 2024
Income Statement	06/30/2024	06/30/2023
Agricultural Business Revenue	384,487	378,132
Agricultural Business Gross Profit	73,324	49,272
Urban Properties Revenues	270,550	268,627
Urban Properties Gross Profit	221,659	219,262
Consolidated Gross Profit	291,553	264,792
Consolidated Result from Operations	-122,487	-92,287
Result for the Period	104,729	279,709
Attributable to:
Cresud's Shareholders	84,576	156,874
Non-Controlling interest	20,153	122,835
EPS (Basic)	142.77	260.59
EPS (Diluted)	120.52	229.01
Balance Sheet	06/30/2024	06/30/2023
Current Assets	706,400	798,558
Non-Current Assets	2,766,711	3,174,406
Total Assets	3,473,111	3,972,964
Current Liabilities	657,605	741,090
Non-Current Liabilities	1,251,596	1,448,046
Total Liabilities	1,909,201	2,189,136
Non-Controlling Interest	867,667	1,010,945
Shareholders' Equity	1,563,910	1,783,828

 

CRESUD, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its Fiscal Year 2024 Results Conference Call on Monday, September 9, 2024, at 9:00 AM Eastern Time / 10:00 AM BA Time.

To access the Webinar:

https://zoom.us/webinar/register/WN_t_GRmOKbQNyAL133fKZaww

Webinar ID: 918 2283 3661
Password: 161763

In addition, you can participate communicating to this numbers:

Argentina: +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986 or +54 112 040 0447
Israel: +972 3 978 6688 or +972 2 376 4509 or +972 2 376 4510
Brazil: +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788 or +55 11 4700 9668
US: +1 719 359 4580 or +1 929 205 6099 or +1 253 205 0468 or +1 253 215 8782 or +1 301 715 8592
Chile: +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066 or +56 232 938 848

Investor Relations Department.
https://www.cresud.com.ar/home-inversores.php?lng=en
Cresud S.A.C.I.F. y A.
+5411 4323-7449
ir@cresud.com.ar
Follow us on X: @cresudir

 

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SOURCE CRESUD S.A.C.I.F. y A.

FAQ

What was CRESUD's net result for Fiscal Year 2024?

CRESUD (CRESY) reported a net gain of ARS 104,129 million for Fiscal Year 2024, ended June 30, 2024.

How did CRESUD's adjusted EBITDA perform in FY 2024?

CRESUD's (CRESY) adjusted EBITDA reached ARS 256,396 million in FY 2024, increasing 23.5% compared to the previous fiscal year.

What was CRESUD's agricultural production for FY 2024?

CRESUD (CRESY) planted 277,000 hectares in the region, producing 707,000 tons of grains, which was 7% below the previous season due to lack of rainfall.

How much did CRESUD earn from farm sales in FY 2024?

CRESUD (CRESY) sold 3 fractions of farms for a total of USD 75 million, generating a profit of approximately USD 48 million.