Fresh Del Monte has reported net sales worth $4.3 billion (€3.9 billion) in its financial year 2021, up 1% year-on-year (+3% on a comparable basis).
Gross profit increased 21% year-on-year to $303.8 million from $250.9 million in the preceding year.
Adjusted EBITDA amounted to $206.8 million, while the corresponding adjusted EBITDA margin increased to 4.9%, from 4.5% in 2020.
The increase in net sales was driven by the company’s other products and services segment, including third-party freight services and the poultry and meats category, and fresh and value-added products segment.
The company’s fresh fruit and value-added products division reported 1% growth in net sales during the financial year, driven by increased sales of pineapples and fresh-cut fruit.
The banana division saw net sales decline of 1%, primarily due to lower sales volume in North America. The decrease was partially offset by higher per unit sales prices in North America and Europe.
In the fourth quarter, net sales increased 2% year-on-year to $1,017.3 million, while gross profit increased 9% to $39.8 million.
Mohammad Abu-Ghazaleh, chairman and chief executive officer, said, “In 2021, we posted robust double-digit operating income growth compared with 2020. We demonstrated agility and industry leadership in navigating the current challenging macroeconomic environment as we focused on mitigating industry-wide supply and labour headwinds.
“We implemented inflation-justified price increases toward the end of the year, made investments targeted at automation, and focused relentlessly on productivity.”
Abu-Ghazaleh added, “As we move forward, I am confident in our team's ability to execute our long-term strategy of growing our core business, increasing the reach of higher-margin value-added categories, implementing and leveraging technology solutions as we evolve into an Agritech company, and expanding our customer and brand partnerships throughout our global operations."