Cresud S.A.C.I.F. y A. announces its results for the second quarter of Fiscal Year 2025 ended December 31, 2024
Rhea-AI Summary
Cresud (NASDAQ: CRESY) reported a net loss of ARS 64,391 million for the first half of FY 2025, primarily due to changes in IRSA investment properties' fair value. The adjusted EBITDA decreased by 15.3% to ARS 134,961 million compared to the same period in 2024.
The company expanded its planted area to 303,000 hectares, a 9% increase from the previous season, despite historically low commodity prices. The Argentine government's announcement of temporary crop export tax reductions until June 2025 resulted in approximately 5% improvement in crop prices.
Notable transactions include the sale of Los Pozos farm fraction for USD 2.2 million and BrasilAgro's sale of Alto Taquari farm fraction for BRL 189.4 million. The company distributed a cash dividend of ARS 45,000 million (yield ~7%) in November 2024. As of December 31, 2024, Cresud's market capitalization stood at USD 761.8 million.
Positive
- 9% increase in planted area to 303,000 hectares
- Government reduction in export taxes improving crop prices by 5%
- Strategic asset sales completed in Argentina and Brazil
- Distributed significant dividend with ~7% yield
Negative
- Net loss of ARS 64,391 million in H1 FY2025
- 15.3% decrease in adjusted EBITDA to ARS 134,961 million
- Agricultural Business Gross Profit declined from ARS 57,588M to ARS 22,726M
- Historically low commodity prices affecting operations
News Market Reaction 1 Alert
On the day this news was published, CRESY declined 5.49%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HIGHLIGHTS
- The net result for the first half of fiscal year 2025 registered a loss of
ARS 64,391 million . This result is mainly explained by the loss due to changes in the fair value of IRSA investment properties. - The adjusted EBITDA for the period reached
ARS 134,961 million ,15.3% lower than the same period in 2024. The agribusiness adjusted EBITDA wasARS 35,262 million and the Urban adjusted EBITDA (through IRSA),ARS 103,136 million . - The 2025 campaign is developing with historically low commodity prices, although a slight recovery was observed in the last quarter, reduced input costs, and favorable weather conditions in the region. We planted 303,000 hectares in the region,
9% more than the previous season. - In January 2025, the Argentine government announced a temporary reduction in crops tax exports until June 30, 2025, lowering soybean from
33% to26% and wheat and corn from12% to9.5% . This had a positive impact on spot and future crop prices of approximately5% . - During the first half of fiscal year 2025, we sold a fraction of Los Pozos farm in
Argentina forUSD 2.2 million and our subsidiary BrasilAgro sold a fraction of its Alto Taquari farm forBRL 189.4 million . - On November 2024, we distributed a cash dividend of
ARS 45,000 million (dividend yield ~7% ).
Financial Highlights | ||
Income Statement | 12/31/2024 | 12/31/2023 |
Agricultural Business Revenue | 238,715 | 225,523 |
Agricultural Business Gross Profit | 22,726 | 57,588 |
Urban Properties Revenues | 170,141 | 183,583 |
Urban Properties Gross Profit | 131,923 | 151,210 |
Consolidated Gross Profit | 153,481 | 207,081 |
Consolidated results from Operations | (135,606) | 449,429 |
Profit for the Period | (64,391) | 266,118 |
Attributable to: | ||
Cresud's Shareholders | (61,541) | 106,267 |
Non-Controlling interest | (2,850) | 159,851 |
EPS (Basic) | (103.27) | 179.48 |
EPS (Diluted) | (103.27) | 181.95 |
Balance Sheet | 12/31/2024 | 06/30/2024 |
Current Assets | 860,003 | 855,684 |
Non-Current Assets | 3,095,323 | 3,351,393 |
Total Assets | 3,955,326 | 4,207,077 |
Current Liabilities | 818,215 | 796,577 |
Non-Current Liabilities | 1,477,235 | 1,516,093 |
Total Liabilities | 2,295,450 | 2,312,670 |
Non-Controlling Interest | 920,622 | 1,051,029 |
Shareholders' Equity | 1,659,876 | 1,894,407 |
The Company's market capitalization as of December 31, 2024, was approximately
Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its second quarter of the FY 2025 Results Conference Call on Tuesday, February 11, 2025, at 8:00 AM Eastern Time / 10:00 AM BA Time.
To access the Webinar:
https://zoom.us/webinar/register/WN_348neF8QTg2pCDSzie8_FA
Webinar ID: 951 4144 0099
Password: 620076
In addition, you can participate communicating to this numbers:
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
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
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