In This Article:
BUENOS AIRES, Argentina, Feb. 10, 2025 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the second quarter of FY 2025 ended December 31, 2024.
HIGHLIGHTS
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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.
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The adjusted EBITDA for the period reached ARS 134,961 million, 15.3% lower than the same period in 2024. The agribusiness adjusted EBITDA was ARS 35,262 million and the Urban adjusted EBITDA (through IRSA), ARS 103,136 million.
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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.
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In January 2025, the Argentine government announced a temporary reduction in crops tax exports until June 30, 2025, lowering soybean from 33% to 26% and wheat and corn from 12% to 9.5%. This had a positive impact on spot and future crop prices of approximately 5%.
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During the first half of fiscal year 2025, we sold a fraction of Los Pozos farm in Argentina for USD 2.2 million and our subsidiary BrasilAgro sold a fraction of its Alto Taquari farm for BRL 189.4 million.
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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 USD 761.8 million. (60,314,043 ADS with a price per ADS of USD 12.63)