LISTED sugar miller Central Azucarera de Tarlac Inc. (CAT) recorded a nine-fold increase in net income to P1.7 billion for the fiscal year that ended June 30, 2024 (FY 2024), from the prior year’s P168.8 million, driven mainly strong sales from its core sugar milling operations.
In a disclosure flast week, the company said it “achieved solid financial results in FY 2024, with substantial improvements across key financial metrics compared to previous years.”
Earnings before interest, taxes, depreciation and amortization (Ebitda) stood at P2.5 billion, with core sugar milling operations contributing P643 million in revenues.
Total revenues soared 256 percent to P5.29 billion, with sugar up 48 percent, tolls gaining 13 percent, and carbon dioxide sales climbing 155 percent.
One subsidiary completed the sale of a parcel of land for P3.6 billion and the transaction “not only generated additional revenue but also strategically positioned the company for future growth and development opportunities in the real estate sector,” CAT said.
Cane processed in FY 2024 reached 418,533 tons, up 23.4 percent from last year, thanks to enhanced production capacity and higher market demand.
Gross profit surged 738 percent year-on-year while operating profit before interest and taxes grew 10-fold, reaching P2.7 billion, with CAT noting that its land holdings contributed positively to overall profitability.
“Looking ahead, CAT is well-positioned for continued growth,” the firm said.
For FY 2025, CAT expects production to grow 2.54 percent to 179.3 million tons while consumption is seen to rise 3.34 percent to 182.9 million tons, outpacing current capacity.
CAT shares on Thursday closed up 2.08 percent at P10.80 apiece.
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