Morixe's real revenue grows 21% driven by diversification and exports

In a challenging Argentine consumer goods market, Morixe Hermanos has achieved significant operational growth, with real revenue climbing 21% to $75,469 million in the first half of the year. This performance stands out against a backdrop of a nearly 2.9% decline in the broader industry during the same period.

The company attributes its success to a strategic plan emphasizing portfolio diversification and a shift towards higher-value products. Non-farinaceous categories, including olives, tomato purees, and frozen fruits, now constitute over 20% of total sales volume. This improved sales mix boosted the gross margin to 21%, a 3.3 percentage point increase from the previous year.

International business was a key driver, with exports and sales from foreign subsidiaries surging 61% to 12,134 tons. Expansion in Uruguay, through subsidiaries Braspal and Gibur, has deepened market penetration, while the acquisition of Biomac has opened doors to high-standard export markets in the United States, Canada, and Europe for organic frozen fruits and seeds.

Despite these operational successes, including an EBITDA of $2,912 million and an operating profit of $1,323 million, Morixe reported a net loss of $2,357 million. The company attributes this to financial and accounting factors, such as interest expenses, exchange rate fluctuations, and the impact of inflation on monetary assets. The conversion of foreign subsidiaries' assets to Argentine pesos also affected the overall financial result.