Deoleo loses 9.7 million in six months after reducing olive oil consumption

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Deoleo, manufacturer of the Hojiblanca and Carbonell olive oil brands, recorded net losses of 9.7 million euros in the first half of the year, impacted by lower consumption of olive oil due to its high prices.

As reported this Monday by the multinational oleica, its figure of sales increased 0.6% year-on-year in the first half of the year, up to 400.95 million euros, thanks to “the partial transfer to customers of the increase in prices experienced throughout the chain”, and to the “solidity” of its brands.

However, Deoleo has stressed that the rise in prices has affected the consumption of olive oil and has led to a reduction in sales volumes of 21.9% with respect to the previous year.

The company, which has stated that these results are in line with what was expected, has explained that this decrease in volumes has affected the brands’ shares to the benefit of the distribution brand, causing an “erosion” in the margins that did not has been able to be compensated by the increase in prices.

This in turn impacted Deoleo’s gross operating profit (Ebitda), which reached 12.7 million euros in the first half. 43% less than in the same period of 2022.

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