Elopak has published its 2024 annual report, highlighting record-breaking revenues and significant progress in the areas of planet, profit, and people. This demonstrates the company’s commitment to its revised strategy, ‘Repackaging tomorrow,’ and its ambition of becoming a EUR 2 billion company by 2030.

Elopak intends to double revenue by 2030 through its reshaped strategy, ‘Repackaging tomorrow’ which sets out three priorities: realising global growth, strengthening leadership in core markets, and continuing to leverage the plastic replacement shift across a variety of product segments.

“2024 has been the year in which we have launched a revised strategy, manifested our foothold in new segments and started the construction of our new production plant in the United States,” stated Thomas Körmendi, CEO at Elopak.

Elopak’s 2024 annual report details the company’s latest progress and important milestones across the key areas of people, planet and profit.

• People: In 2024 the company invested heavily in its people as well as its infrastructure. Elopak not only welcomed the highest number of new recruits but also strengthened several competence areas, including R&D and sustainability, and onboarded additional new colleagues who will manage the new production plant in the United States.
• Planet: The company’s strong performance in 2024 was underpinned by its continued dedication to making progress on key areas of sustainability. Notably, Elopak reduced its direct CO2 e emissions by 37 % from a 2020 baseline, as it works towards achieving a 42 % reduction by 2030 and net zero by 2050, validated by the Science Based Targets initiative (SBTi). Also, the company managed to reduce the average carbon footprint per carton by 29 % compared to 2014.
• Profit: 2024 was defined by a strong financial performance including reported record-breaking revenues. Revenues grew organically by 2.2 % to EUR 1,157 million, EBITDA margin was 15.2 % and the leverage ratio at year end was 2.1x. Our commitment to realising global growth is already well underway with the company having sold a record volume of 16 billion cartons last year.

The 2019-20 exporting season of orange juice and citrus by-products had a good performance. This result was already expected by the agents from the sector, who were based on the higher orange supply in the citrus belt from São Paulo State, which favored inventories building up at processors. With the covid-19 pandemic, agents also reported occasional higher demand for orange juice, due to the nutritional values of the product as well as higher breakfast consumption at home.

As regards orange juice, the volume of Frozen Concentrate Orange Juice Equivalent (FCOJ Equivalent) was higher, but revenue remained stable. According to data from Secex, between July/19 and June/2020, Brazil shipped 1.11 million tons of the product to all destination countries. Revenue from these shipments totaled 1.8 billion USD, stable compared to that in the previous season. In Real, revenue totaled 8.09 billion (boosted by the strong dollar), 16 % higher than that received in the 2018-19 season.

Despite the good exports performance to the European Union, the major purchaser of the Brazilian orange juice, shipments to the United States decreased, ending the season with an 11 % lower volume (174.76 thousand tons) and a 19 % lower revenue (276.93 million USD). Brazilian exports to the EU totaled 768.15 thousand tons, 20 % up compared to that in the previous season. Revenue totaled 1.26 billion USD, 7 % up in the same comparison.

As for the Brazilian exports of citrus by-products, revenue in dollar dropped during the season, totaling 369.43 million USD, 25 % lower than that received in 2018-19, according to Secex,. Among the products exported are citrus pulp pellets, citrus terpenes, d-limonene and lemon, lime and orange essential oils. Except for the citrus pulp pellets, prices for all the other by-products dropped sharply during the season.

For citrus pulp pellets, the average exports price increased during the season, but the volume shipped decreased. According to Cepea collaborators, this may be linked to the recent price rises for corn and soybean in the Brazilian market, which boosted the demand, primarily from livestock farmers, for citrus pulp pellets.

BRAZILIAN MARKET – Tahiti lime supply has been low in the major citrus-producing regions in São Paulo State. In this scenario, prices skyrocketed in June, hitting the highest average for the month, in nominal terms, in all Cepea series.

In general, tahiti lime quotes have been on the rise in the in natura market since April, due to the sales increase – related to the covid-19 pandemic – and the slower harvesting pace in May and in June – growers decided to control the harvesting in order to keep prices at higher levels. Thus, in late June, prices rose up to 60.00 BRL per 27-kilo box, harvested, averaging 32.42 BRL/box in the month, more than two-fold that registered in June 2019 (+124 %).

JULY – In the first fortnight of July, lower supply continued to push up prices in the Brazilian market. In general, quality was considered satisfactory, as well as fruits size and color, which favored exports. It is worth to mention that, in the first semester of 2020, the Brazilian shipments of lemon and lime hit a record for the period – compared to that in the same period last year, the volume exported was 12 % higher, and revenue, 7 % higher.

Between July 1st and 15, the average price for tathiti lime was 52.19 BRL per 27-kilo box, harvested, 59.6 % up compared to that in the first half of June. On the other hand, the demand from the industry continued low, with only two small-sized processors receiving tahiti lime (in Artur Nogueira and Itajobi, both in SP State). Remuneration varied according to quality, ranging from 12 to 15.00 BRL per 27-kilo box, harvested and delivered to processors.

ORANGE – The trading pace for in natura oranges was faster in the Brazilian market in the first fortnight of July. Although the demand for pear oranges did not increase much – because of the social distancing advice in many cities in São Paulo State –, the volume of early oranges available in the market decreased slightly (because of purchasers’ firm stance), underpinning prices.

Between July 1st and 15, the average price for pear orange was 26.01 BRL per 40.8-kilo box, on tree, 3 % up compared to that in the first half of June.