Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the third quarter of FY 2022 ended March 31, 2022.

Rhea-AI Summary

Cresud reported a significant net profit of ARS 31,657 million for the nine-month period ending March 31, 2022, compared to a loss of ARS 14,318 million in the same period last year. Adjusted EBITDA rose to ARS 29,536 million, with agribusiness EBITDA up by 35.7% to ARS 18,276 million, driven by strong performance in grains and sugar cane. Revenue from agricultural business surged to ARS 38,045 million, while gross margins improved despite rising costs.

Positive

• Net profit for the period was ARS 31,657 million, significantly up from a loss of ARS 14,318 million in 2021.
• Adjusted EBITDA reached ARS 29,536 million with a 35.7% increase in agribusiness EBITDA to ARS 18,276 million.
• Agricultural business revenue grew to ARS 38,045 million, up from ARS 26,542 million the prior year.

Negative

• Gross profit in the agricultural business decreased to ARS 17,110 million from ARS 17,759 million in the prior year.
• Total assets declined from ARS 474,145 million to ARS 430,690 million.
• Current liabilities reduced, but total liabilities remained high at ARS 270,252 million.

BUENOS AIRES, Argentina, May 13, 2022 /PRNewswire/ --

HIGHLIGHTS

• The net result for the 9-month period of fiscal year 2022 was a gain of ARS 31,657 million compared to a loss of ARS 14,318 million in the same period of 2021.
• Adjusted EBITDA for the period reached ARS 29,536 million. Agribusiness adjusted EBITDA reached ARS 18,276 million, 35.7% higher than the same period in 2021 due to better results from grains, sugar cane and farm sales.
• The 2022 campaign continued to develop with La Niña weather conditions, high international commodity prices and higher margins than the previous one, although with rising costs. We planted 255,000 ha in the region and expect a grain production of approximately 850,000 tons.
• During the 9-month period of FY 2022, our subsidiary Brasilagro sold a fraction of its Rio do Meio farm for BRL 130.1 million and completed the sale of a fraction of its Alto Taquarí farm for BRL 336.0 million.
• Regarding urban segment, in December 2021, the Shareholders' Meetings of IRSA and IRSA PC approved the merger by absorption between the companies, in which IRSA absorbs IRSA PC. The merger has an effective date of July 1, 2021, and the exchange of IRSA PC shares for IRSA shares will take place in the coming days. As a result of the merger, CRESUD stake in IRSA is reduced to 53.7%.

Financial Highlights  
(In millions of Argentine Pesos) 
9M FY 2022 ended March 31, 2022

 

Income Statement	03/31/2022	03/31/2021
Agricultural Business Revenue	38,045	26,542
Agricultural Business Gross Profit	17,110	17,759
Urban Properties Revenues	15,634	11,182
Urban Properties Gross Profit	12,216	7,571
Consolidated Gross Profit	28,864	24,817
Consolidated Profit from Operations	10,352	2,897
Profit / (Loss) for the Period	31,657	(14,318)
Attributable to:
Cresud's Shareholders	19,592	(7,227)
Non-Controlling interest	12,065	(7,091)
EPS (Basic)	33.21	(11.72)
EPS (Diluted)	28.19	(11.72)
Balance Sheet	03/31/2022	06/30/2021
Current Assets	88,813	97,830
Non-Current Assets	341,877	376,315
Total Assets	430,690	474,145
Current Liabilities	77,760	98,453
Non-Current Liabilities	192,492	227,659
Total Liabilities	270,252	326,112
Non-Controlling Interest	102,090	102,675
Shareholders' Equity	160,438	148,033

 

Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its third quarter of the Fiscal Year 2022 Results Conference Call to be held on Monday, May 16, 2022, at 10:00 AM Eastern Time / 11:00 AM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/86321300856?pwd=Y090S3hHdFRURzdMQ3VoTzVXWm50Zz09

Webinar ID: 863 2130 0856

Password: 021308

In addition, you can participate communicating to this numbers:

Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 55 330 1762 or +972 3 978 6688

Brazil: +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237

US: +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592

Chile: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

UK: +44 330 088 5830 or +44 131 460 1196 or +44 203 481 5237 or +44 203 481 5240 or +44 208 080 6591

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 Twitter: @cresudir

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

FAQ

What was Cresud's net profit for the nine-month period ending March 31, 2022?

Cresud reported a net profit of ARS 31,657 million for the nine-month period ending March 31, 2022.

How did Cresud's adjusted EBITDA perform for the nine-month period in FY 2022?

Cresud's adjusted EBITDA reached ARS 29,536 million, reflecting significant growth in its agribusiness sector.

What were Cresud's agricultural business revenues for FY 2022?

The agricultural business revenue for Cresud was ARS 38,045 million for the year ended March 31, 2022.

How did Cresud's gross profit change compared to the previous year?

Cresud's gross profit for the agricultural business decreased to ARS 17,110 million compared to ARS 17,759 million in FY 2021.

What changes occurred in Cresud's total assets by March 31, 2022?

Cresud's total assets declined to ARS 430,690 million from ARS 474,145 million as of June 30, 2021.