On 22 March, Canadian grower Village Farms International presented its annual figures for 2015, as well as the quarterly figures for the fourth quarter of last year. Revenue increased by 4 percent, to $ 141.9 million, in 2015 compared to the 136.6 million dollars recorded a year earlier. The profit was also higher and stood between $ 2.2 and $ 2.1 million. In 2014, the company had registered a loss of 0.1 million dollars.
"Our results for 2015 illustrate the upward trend we have set to normalise sales and cash flow since the hail storm in Marfa, Texas, in 2012," explains CEO Michael DeGiglio.
Sales growth
The sales growth was mostly attributable to the 8 hectares of greenhouses that were in full production for the whole year for the first time. The turnover of the facility Permian Basin increased by 10 percent. The company supplied 17 percent more tomatoes to the market, while focusing on the specialties. Due to the end of pepper cultivation in the Dominican Republic, sales in this segment dropped by 35 percent. The volume of cucumbers sold remained stable.
Fourth quarter results stable
In the fourth quarter of last year, the grower managed to keep its revenue levels, despite the lower tomato prices. This was achieved by offering a wide range of tomatoes. Revenue stood at $ 35 million. Tomato sales in the fourth quarter remained stable, compared to the same quarter in 2014. This is primarily due to an increase in the volume of specialties, which yield more on average. Truss tomato prices fell by 7 percent. Peppers became 3 percent more expensive. Cucumber prices were 17 percent lower. Due to a one-time payment of $ 250,000 to an employee following an accident in 2012, the results were slightly lower.