Belgian fruit and vegetable supplier Greenyard saw net profits for the first half of the year fall from €7 million to €1.2 million, mainly due to the costs of business restructuring.
The global fruit and vegetable producer, which is listed on the Brussels stock exchange, employs around 8,600 people across 21 countries. It was established in 2015 through the merger of Univeg, Pinguin, Noliko and Peltracom.
In the first half of 2024, Greenyard saw sales rise 6.1% to €2.64 billion. The company said the increase in revenue was due to inflation compensating measures, a greater volume of its fresh food sales, and an increase in service sales and transport recharges.
Greenyard's adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) rose by 4.6%, to €94.4 million.
Compared to the first half of 2023, Greenyard's net profits fell by €5.8 million to €1.2 million. The company attributed this to restructuring costs, higher depreciations and a €1.6 million sale of property, plant and equipment last year.
Greenyard CEO Francis Kint said that operational results for the first half of 2024 were "good" and come after "two challenging years in 2022 and 2023, which were marked by unseen inflation".
"At the same time, we're already actively preparing for next financial year by further enhancing challenging businesses on the one hand and reducing overhead in certain divisions on the other. Additionally, we see further opportunities for operational improvements in the future," he said.
Greenyard confirmed its target of reaching € 5.4 billion in sales and between €200 million and €210 million of adjusted EBITDA by March 2026.
