Bollo citrus reduced its sales and profits in 2020/21 campaign as exports decreased due to the pandemic

The fall in exports as a result of the closure of borders due to the health crisis impacted Grupo Bollo's exports, which decreased by 35% in the 2020/21 campaign, as recorded in its annual accounts deposited in the Mercantile Registry.

The firm, which specializes in the purchase, sale, handling, and marketing of all types of agri-food products, mainly citrus, is based in the Valencian town of Benifairó de la Valldigna, and is currently managed by the fourth generation of owners, closed its last year -from July 2020 to June 2021– with sales worth 108.8 million euro; a slight decrease compared to 110.6 million euro it invoiced in the previous campaign.

Specifically, the biggest drop was in its foreign sales, which went from 15.3 million to 9.9 million last year due to the pandemic. However, the company's sales increased by 4.3% in the national market, going from 93.5 million euro to 97.5 million in the 2020/2021 campaign.

The profit of the citrus company decreased by 17.2% to 9.1 million euro due to the expenses derived from the pandemic. In fact, according to the management report that accompanies their results, the most significant aspect of the campaign was "the volatility of the market, both in purchase prices and in sales prices". However, they emphasized, that the financial and treasury situation of the company is excellent.

Despite this, the group received a subsidized loan granted by the Valencian Institute of Business Competitiveness (IVACE) in the amount of 300,000 euros at a zero percent interest rate. The amount of interest subsidized in the current financial year stands at EUR 848.76.

According to the company, this situation won't affect their results. They also stated that they see the short and medium-term with moderate optimism. "It's difficult to make forecasts about the evolution of this pandemic and the effects it'll have on the economy. However, we believe this situation won't affect the company considering the company sells agri-food products and the protection measures it has carried out."



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