CRESUD S.A.C.I.F. y A. announces its results for the third quarter of Fiscal Year 2023 ended March 31, 2023
BUENOS AIRES, Argentina, May 11, 2023 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ:CRESY; BYMA:CRES), leading Argentine agricultural company, announces today its results for the third quarter of FY 2023 ended March 31, 2023.
HIGHLIGHTS
The net result for the nine-month period of fiscal year 2023 showed a profit of ARS 36,331 million compared to a profit of ARS 64,674 million registered in the same period of 2022.
Adjusted EBITDA for the nine-month period of 2023 reached ARS 23,696 million, decreasing by 49.2% compared to the same period in 2022. Agribusiness adjusted EBITDA was ARS 3,729 million, 89,3% lower than the same period in 2022, mainly explained by lower productive results from the grain activity in Argentina and sugarcane in Brazil and lower farmland sales.
The 2023 campaign is progressing with sustained commodity prices, strong costs pressure and adverse weather conditions in the region, mainly in Argentina, where crop yields are being affected by one of the worst droughts in history.
During the quarter, our subsidiary Brasilagro sold the remaining 5,517 hectares of its Araucaria farm, located in the State of Goiás, Brazil, for BRL 417.8 million.
Subsequently, we issued Series XLI and XLII notes in the local market for the sum of USD 50 million, whose funds were used to cancel short term liabilities.
In May 2023, the Company distributed to its shareholders a cash dividend of ARS 9,500 million, equivalent to ARS/share 16.52 and ARS/ADS 165.24. Likewise, it distributed 12,670,512 treasury shares, equivalent to 2.20% of the capital stock.
Financial Highlights
(In millions of Argentine Pesos)
9M FY 2023 ended March 31, 2023
Income Statement | 03/31/2023 | 03/31/2022 |
Agricultural Business Revenue | 57,147 | 77,725 |
Agricultural Business Gross Profit | 8,762 | 34,957 |
Urban Properties Revenues | 43,529 | 31,939 |
Urban Properties Gross Profit | 35,723 | 24,958 |
Consolidated Gross Profit | 43,792 | 58,968 |
Consolidated Result from Operations | (18,080) | 20,729 |
Profit for the Period | 36,331 | 64,674 |
Attributable to: | ||
Cresud's Shareholders | 20,487 | 40,026 |
Non-Controlling interest | 15,844 | 24,648 |
EPS (Basic) | 35.14 | 67.84 |
EPS (Diluted) | 29.44 | 57.59 |
Balance Sheet | 03/31/2023 | 06/30/2022 |
Current Assets | 165,928 | 196,784 |
Non-Current Assets | 681,786 | 724,934 |
Total Assets | 847,714 | 921,718 |
Current Liabilities | 141,550 | 257,029 |
Non-Current Liabilities | 330,492 | 304,540 |
Total Liabilities | 472,042 | 561,569 |
Non-Controlling Interest | 215,343 | 216,807 |
Shareholders' Equity | 375,672 | 360,149 |
The Company's market capitalization as of March 31, 2023, was approximately USD 378 million. (59,335,486 ADS with a price per ADS of USD 6.37).
Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its third quarter of the FY 2023 Results Conference Call on Friday, May 12, 2023, at 2:00 PM Eastern Time / 3:00 PM BA Time.
To access the Webinar:
https://irsacorp.zoom.us/webinar/register/WN_4omeGj8XRjSS_3tbMVZMjA
Webinar ID: 892 5575 8333
Password: 105697
In addition, you can participate communicating to this numbers:
Argentina: +54 341 512 2188 or +54 343 414 5986 or +54 112 040 0447 or +54 115 983 6950
Israel: +972 2 376 4510 or +972 3 978 6688 or +972 2 376 4509
Brasil: +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788 or +55 11 4700 9668
Estados Unidos: +1 386 347 5053 or +1 507 473 4847 or +1 564 217 2000 or +1 646 558 8656 or +1 646 931 3860 or +1 669 444 9171 or +1 669 900 9128 or +1 689 278 1000 or +1 719 359 4580 or +1 253 205 0468 or +1 253 215 8782 or +1 301 715 8592 or +1 305 224 1968 or +1 309 205 3325 or +1 312 626 6799 or +1 346 248 7799 or +1 360 209 5623
Chile: +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066 or +56 232 938 848
Investor Relations Department.
https://www.cresud.com.ar/home-inversores.php?lng=en
Cresud S.A.C.I.F. y A.
+5411 4323-7449
Follow us on Twitter: @cresudir
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SOURCE Cresud S.A.C.I.F. y A.
