Cresud SACIF y A
NASDAQ:CRESY
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Cresud SACIF y A
Cresud SA engages in the production of basic agricultural commodities. The company is headquartered in Buenos Aires, Buenos Aires. The company went IPO on 2008-02-22. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. The company is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.
Cresud SA engages in the production of basic agricultural commodities. The company is headquartered in Buenos Aires, Buenos Aires. The company went IPO on 2008-02-22. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. The company is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.
Mixed Year: Cresud reported a mixed year due to falling commodity prices in the second half, higher input costs, and severe droughts, but diversification helped limit the impact.
Record Land Sales: The company achieved record farmland sales, particularly in Brazil, and continued its strategy of selling and acquiring land to rebalance its portfolio.
Dividend and Buyback: Cresud paid a 9% dividend yield in FY23 and announced a new proposal for ARS22 billion in cash plus 3% of IRSA shares as a dividend.
Lower Operational Results: Agricultural operational profit dropped sharply, driven by lower yields, higher costs, and declining commodity prices following a record prior year.
IRSA Investment: Cresud increased its stake in IRSA to 57%, with IRSA delivering strong results in malls and hotels, high dividend distribution, and reduced leverage.
ESG Initiatives: Cresud advanced ESG efforts, including new certifications and significant investments in social programs.
Positive Net Result: Net income was positive but much lower than last year, at ARS75.3 billion versus ARS135 billion in the previous period.
Optimistic Outlook: Management expects higher planted area, lower costs, and improved operational results if weather normalizes next year.
