Earnings Release IIQ 2023
The Company announces today its results for the second quarter of Fiscal Year 2023.
- - The net result for the first half of fiscal year 2023 showed a gain of ARS 19,237 million compared to a gain of ARS 74,081 million registered in the same period of 2022.
- - Adjusted EBITDA for the first half of 2023 reached ARS 17,579 million, decreasing by 40.3% compared to the same period in 2022. Agribusiness adjusted EBITDA was ARS 4,754 million, 78.5% lower than the same period of 2022, mainly explained by lower productive results from the sugarcane activity in Brazil and lower farmland sales.
- - The 2023 campaign is progressing with mixed conditions, sustained commodity prices, rising costs and climatic challenges in Argentina, where crop yields are being affected by a severe drought.
- - During the quarter, our subsidiary Brasilagro sold a fraction of 1,965 hectares of its Rio Do Meio farm, in the State of Bahia, Brazil, for the sum of BRL 62.4 million and a fraction of 863 hectares of the "Morotí" farm located in the State of Boquerón, Paraguay, for an amount of USD 1.5 million.
- - During the period, we continued with the share’s buyback program, reaching approximately 1% of the share capital and increased our stake in IRSA. CRESUD’ s direct and indirect holding in IRSA amounts to 56.7% to date.
- - In November 2022, the Company made available to shareholders a cash dividend in the amount of ARS 3,100 million, equivalent to ARS/share 5.29 and ARS/ADS 52.86.
