BUENOS AIRES, Argentina, Feb. 8, 2024 /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 2024 ended December 31, 2023.
HIGHLIGHTS
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