A Leading Market Player Shows Results in Agribusiness.
Citrus company San Miguel, which issued USD 146 million in corporate bonds during 2024, has released its 2024 results.
Published in El Cronista Comercial April 21, 2025
San Miguel, the world’s leading lemon processing company, reported 2024 net sales of USD 113.3 million, up 14% from the end of 2023, according to its market disclosure. This translated into an increase in EBITDA to USD 9 million, USD 8 million more than the previous year.
Operating cash flow also showed a significant improvement, reaching USD 19.2 million, compared to the funding needs recorded in the same period last year, “which reinforces the company’s long-term financial sustainability,” San Miguel highlighted in a statement.
In 2024, San Miguel issued USD 146 million in new corporate bonds, extending their maturities, “which allowed the company to strengthen its balance sheet and continue executing its expansion plan,” the citrus company noted.
The process included a follow-on share offering totaling USD 66.8 million, subscribed mainly by the Controlling Group and its strategic partner in South Africa (APB and DFE), reflecting a strong business commitment to reinforcing the company’s capital structure.
“This outstanding performance is the result of implementing a strategic shift toward higher value-added products, such as essential oils, juices, and lemon peel, in key international markets,” the company explained.
Gross profit grew to USD 18.4 million, showing a year-over-year improvement of USD 12.7 million. These results reflect an optimized cost structure and a higher profit margin, with the cost of goods sold (COGS) to sales ratio showing a decrease compared to the same period last year.
