Results impacted by falling soybean prices, company says
Terra Santa Propriedades Agrícolas reported a net profit of R$ 7.36 million for the third quarter of this year, a 7.7% decrease compared to the same period in 2023.
In a statement, the company attributed the result to reduced rental income due to the decline in soybean market prices for the 2023/24 and 2024/25 harvest years, compared to the 2022/23 harvest year.
For the first nine months of the year, the company’s net profit stands at R$ 13.1 million, down from R$ 21.6 million in the same period last year.
Net revenue dropped 20.6% in the third quarter, reaching R$ 17.94 million. Year-to-date, the decrease is 28.1%, with a total of R$ 52.06 million, also reflecting the impact of lower soybean prices, according to the company.
Regarding EBITDA (earnings before interest, taxes, depreciation, and amortization), the third-quarter result saw a 32% drop, totaling R$ 12.2 million. For the year-to-date period through September, the decline was 34.8%, bringing the total to R$ 48.9 million.
Terra Santa’s net debt decreased from R$ 108.3 million on December 31, 2023, to R$ 82 million on September 30, 2024. The net debt/adjusted EBITDA ratio over the last 12 months increased from 1.58x on December 31, 2023, to 1.87x on September 30, 2024.
