In This Article:
BUENOS AIRES, Argentina, May 10, 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 third quarter of FY 2024 ended March 31, 2024.
HIGHLIGHTS
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The net result for the nine-month period of fiscal year 2024 recorded a loss of ARS 25,646 million compared to a profit of ARS 140,918 million in the same period of 2023 due to the impact of exposure to inflation on the fair value of investment properties of IRSA. The result attributable to the controlling shareholder was a profit of ARS 22,340 million.
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The adjusted EBITDA for the period reached ARS 164,332 million, 61.4% higher than the same period in 2023. Agribusiness adjusted EBITDA reached ARS 45,504 million because of better productive results and farmland sales in Argentina.
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The 2024 regional campaign is being developed with a slightly lower planted area than the last campaign, mixed climatic conditions, lower international commodity prices and expected production levels in line, with better prospects in Argentina than in the rest of the region.
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During the third quarter, Brasilagro sold a fraction of 12,335 hectares (8,796 productive) of its Chaparral establishment for the sum of BRL 365.4 million. The gain will be recognized in the financial statements of the fourth quarter of FY 2024.
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In May 2024, we approved a new cash dividend for ARS 30,000 million (ARS/share 50.5482 and ARS/GDS 505.4820), which will be distributed since May 14th.
Financial Highlights
(In millions of Argentine Pesos)
9M FY 2024 ended March 31, 2024
| Income Statement | 03/31/2024 | 03/31/2023 |
| Agricultural Business Revenue | 238,561 | 221,656 |
| Agricultural Business Gross Profit | 62,481 | 33,985 |
| Urban Properties Revenues | 177,236 | 168,834 |
| Urban Properties Gross Profit | 145,998 | 138,557 |
| Consolidated Gross Profit | 206,006 | 169,854 |
| Consolidated results from Operations | (233,224) | (70,125) |
| Profit for the Period | (25,646) | 140,918 |
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| Attributable to: | | |
| Cresud's Shareholders | 22,340 | 79,463 |
| Non-Controlling interest | (47,986) | 61,455 |
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| EPS (Basic) | 37.73 | 135.07 |
| EPS (Diluted) | 31.91 | 114.16 |
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| Balance Sheet | 03/31/2024 | 06/30/2023 |
| Current Assets | 681,286 | 673,512 |
| Non-Current Assets | 2,304,638 | 2,677,323 |
| Total Assets | 2,985,924 | 3,350,835 |
| Current Liabilities | 629,442 | 625,042 |
| Non-Current Liabilities | 1,021,999 | 1,221,296 |
| Total Liabilities | 1,651,441 | 1,846,338 |
| Non-Controlling Interest | 754,213 | 852,640 |
| Shareholders' Equity | 1,334,483 | 1,504,497 |
The Company's market capitalization as of March 31, 2024, was approximately USD 530.7 million. (59,430,440 ADS with a price per ADS of USD 8.93)