Bioceres will sow 20,000 hectares of HB4 soybeans in Argentina
Oct. 2, 2020
Biotechnology firm Bioceres, based in Rosario, announced that for the next season, it is preparing to cover the planting of 20,000 hectares of drought-tolerant soybeans, with the help of its flagship technology HB4.
It will be during the next planting in the Southern Cone, well above the 3,000 hectares that he planted during the same period in 2019.
It did so during the announcement of results for the second quarter of 2020 and the fiscal year ended in June of this year.
As specified, in the quarter ended June 30, the company increased its sales 46% compared to 2019, reaching $ 51.9 million, while for the fiscal year 2020 (July 2019-June 2020) the company’s revenues increased 17%, to $ 174.2 million.
The firm, which is listed on the NYSE as BIOX, is led by Federico Trucco, who remarked that “in a year in which the profitability of the producer has been under pressure, economic conditions have deteriorated, and in which we witnessed one of the most dramatic disruptions in our lives, due to Covid-19, to be able to say that we achieved our initial growth and profitability objectives while significantly strengthening our cash, fills me with enormous pride, ”he highlighted.
Regarding the business, he remarked that “we scaled our HB4 program from hundreds of hectares to several thousand, further ratifying the value of this technology.” And he added: “We maintained a strong focus on the execution of our plans and we were alert to the changing conditions in the financial markets, quickly seizing opportunities, such as the issuance of debt at decreasing rates and the elimination of warrants derived from our process. from listing”.
This technology has already been approved in the country, as well as in Brazil and the United States, although the final approval of China, the main buyer of soy in the world, remains.
In the quarter, the results were driven by an increase in international sales of adjuvants, biofungicides, inoculants and packs for seed treatment, and the increase in microgranulated fertilizers, in Argentina.
“The financial and operating results reflect the hard work of our more than 400 employees, the commitment of our customers and partners in the 31 countries where our products are sold, the resilience of our organization and our growth strategy,” said Trucco.
Meanwhile, it was reported that during the quarter, Rizobacter Argentina, Bioceres’ main operating subsidiary, obtained financing for $ 15 million through the issuance of Series III Negotiable Obligations (ON), with a duration of 18 months and an interest rate annual nominal of 4.73%.
After closing, the firm obtained additional financing for US $ 17 million through the issuance of Series IV of its corporate debt program, maturing in August 2023 and at an annual rate of 0%.
In this sense, Enrique López Lecube, CFO of Bioceres, affirmed that the second quarter was once again marked by a successful debt issuance: “With this issuance we achieved one of the objectives that we had set for the fiscal year of increasing liquidity and achieving an adequate debt structure, in view of our commercial launch plans for HB4, as well as the international expansion of our sales in Latin America, Europe and South Africa ”, he highlighted.
In the case of HB4 in wheat, the company is preparing for the commercial launch of varieties, advancing in regulatory procedures and seed inventories.
More from AgroNews
Subscribe to daily email alerts of AgroNews.