Citri & Co, the Valencian giant, managed to increase its sales by 90 million euro (+ 24%) at the start of the pandemic. Thus, it went from achieving 367 million euro in the 2018/2019 campaign to 456 million euro in the fiscal year that ended on August 31, 2020. A year earlier, the first year after the integration of Rio Tinto, sales had already made a significant jump to 320 million.
The consolidated accounts of the group based in Almassora do not give information on the reasons for the growth, but it is obvious that the increase in fruit prices in the final stretch of the season due to the declaration of the pandemic is largely to blame. The increase was also due to the integration of the Moroccan firm Sun Pack on October 11, 2019. Back then, the company took over 75% of the share capital of the North African company for 1.73 million euro, according to current accounts.
The conglomerate that originates from the Castellón-based company Martinavarro, already groups together a good handful of companies. It has companies that produce and market agricultural products, such as Ecosenses 2; Agrimarba 2; Organic Citrus; Aldebaran Fields, and Yan Success. The group also has companies that handle and market citrus, such as Martinavarro, Río Tinto Cítricos, Perales y Ferrer, Sun Pack, and Mcitrus BV. They also have integrated Carpa Dorada, a company for citrus research and development activities; Ebransar, to hold shares; Citrico Real Estate, Rio Tinto Real Estate, and CG Indusvest to engage in the sale and lease of real estate.
42 million for half of Frutas Esther
Frutas Esther, with which Citri & Co opened up to stone fruit expanding its product range, does not form part of this integration. According to the Miura fund, the main owner of the group originating in Almassora, in October 2019 it bought 49% of the stake in the Murcian firm for 42.4 million euro. 30 million were paid in cash and the rest through a non-monetary contribution so Frutas Esther could pay its debts through a capital increase.
Source: castellonplaza.com
