Martinavarro, a Castellon-based fruit distributor integrated into the Cítrico Global group, is seeing an improvement of its activity in Europe. Its profit has increased by 62%, with a turnover of 281.3 million Euro. Part of this improvement comes from the lower cost of freight, down from 171 to 169 million Euro, but it is mostly the result of a drop in labor expenses following the payment of a stock transaction when the company joined Cítrico Global.
Although sales within Spain decreased, from 101 to 97 million Euro, Martinavarro managed to significantly increase its exports to countries of the European Union, going from 173.1 to 178.9 million Euro, especially in the United Kingdom, where it has become one of the main suppliers of large supermarket chains.
Sales to third countries accounted for less than five million Euro and also decreased slightly.
Martinavarro became part of the Cítrico Global group in the summer of 2017, together with the Miura fund and the firm Rio Tinto. A year later, the Alicante-based Perales & Ferrer, specialized in lemons, also joined the project, giving rise to a great fruit distribution group in Spain.
The company was founded in the 40's, and the managers who are currently in charge belong to the third generation of the founding Martinavarro and Ballester families.
In the latest campaign, the citrus company decided to allocate 3.23 million Euro to dividends.