16 July 2024
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Global Industry

Ebro Foods: Net profit grew by 22.7 percent

Madrid / ES. (epg) Ebro Foods S.A. has closed an outstanding first quarter of 2024, in which the group outstripped the already extraordinary earnings posted in Q1-2023. This milestone confirms the success of the company’s growth lines and the excellent evolution of the two divisions and their respective brands.

  • Similarly, the most important financial metrics achieved satisfactory growth during the period.
  • Ebro Foods chalked up a Net Profit of EUR 53.7 million, up 22.7 percent on the same period of last year.
  • Adjusted Ebitda grew by 13.9 percent year on year to EUR 109.6 million, boosted largely by the positive evolution of the Pasta Division.
  • Net turnover rose to EUR 806.5 million, more or less on a par with the first quarter of 2023, as a result of the smaller business of the Rice Division in Spain due to the drought and price adjustments in some markets, demonstrating the company’s commitment to consumers.
  • Meanwhile, Ebro Foods has reduced its Net Debt to EUR 507 million, EUR 63.4 million less than at year-end 2023, even after investing EUR 34.3 million in CAPEX during the quarter.

Core businesses

Rice Area: In raw materials, the rainfall in March has opened up new industrial prospects for the last quarter in Spain, as it will almost certainly be possible to grow rice in Andalusia and Extremadura. Moreover, farm gate prices of aromatic rice varieties from Asia came down, although the purchase costs were subsequently raised by the inflation in freight. The evolution of the Group’s business was good in the Middle East, headed by our brands Tilda and Abu Bint, and we made a strong entry in certain African countries, such as Ghana. On the whole, the Division posted a turnover of EUR 629.6 million and an adjusted Ebitda of EUR 82.9 million.

Pasta Area: The Pasta Division has closed an extraordinary quarter, boosted by the growth of consumption, the positive development of the fresh pasta business and the suppression of prices of energy and our main raw materials. Olivieri performed well in Canada, with double-digit growth, tripling the growth rate of the category, and Garofalo achieved major growth in our principal markets. The Division posted a turnover of EUR 178,2 million and an adjusted Ebitda of EUR 31.1 million.


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