CRESUD S.A.C.I.F. y A. announces its results for the second quarter of Fiscal Year 2024 ended December 31, 2023

PR Newswire

Thu, Feb 8, 2024, 4:43 PM 4 min read

The net result for the first semester of fiscal year 2024 recorded a gain of ARS 122,205 million compared to ARS 59,907 million in the same period of 2023, mainly due to the gain from changes in the fair value of IRSA's investment properties. The gain attributable to the controlling shareholder was ARS 48,800 million, compared to ARS 32,929 million in the same period of 2023.
The adjusted EBITDA for the period reached ARS 79,677 million, 45.1% higher than the same period in 2023. The adjusted EBITDA of the agricultural segments was ARS 23,857 million, 39.3% higher than 2023, mainly due to higher farmland sales.
The 2024 campaign is being developed with better weather conditions in the region, mainly in Argentina, and correction of international commodity prices. We hope to plant approximately 282,000 hectares, in line with the 2023 campaign.
During the semester, in October 2023, we sold a fraction of 4,262 hectares of reserve with productive potential of "Los Pozos" farm, in the province of Salta, Argentina, for USD 2.3 million and in December 2023, we sold a fraction of 500 hectares of agricultural activity of "El Tigre" farm, in the province of La Pampa, Argentina, for USD 3.75 million.
In February 2024, the process of distributing the dividend in cash and in kind, in IRSA shares, and the treasury shares in the portfolio, approved by the Shareholders' Meeting on October 5, 2023, to ADS holders, which was pending, was concluded.

Financial Highlights
(In millions of Argentine Pesos)
6M FY 2024 ended December 31, 2023

Income Statement	12/31/2023	12/31/2022
Agricultural Business Revenue	103,563	114,924
Agricultural Business Gross Profit	26,445	17,384
Urban Properties Revenues	84,304	77,591
Urban Properties Gross Profit	69,438	64,112
Consolidated Gross Profit	95,095	80,181
Consolidated results from Operations	206,385	(52,810)
Profit for the Period	122,205	59,907

Attributable to:
Cresud's Shareholders	48,800	32,929
Non-Controlling interest	73,405	26,978

EPS (Basic)	82.42	55.73
EPS (Diluted)	69.91	47.67

Balance Sheet	12/31/2023	06/30/2023
Current Assets	609,727	444,204
Non-Current Assets	2,084,006	1,765,788
Total Assets	2,693,733	2,209,992
Current Liabilities	516,221	412,236
Non-Current Liabilities	1,035,028	805,488
Total Liabilities	1,551,249	1,217,724
Non-Controlling Interest	667,581	562,346
Shareholders' Equity	1,142,484	992,268

The Company's market capitalization as of December 31, 2023, was approximately USD 563.3 million. (59,417,495 ADS with a price per ADS of USD 9.48)

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