Press Releases

2024 CHARACTERISED BY CONSOLIDATION AND STRATEGIC INVESTMENT

Despite an uncertain environment, which led to occasional disruptions in the supply of raw materials and interest rates still remaining high, the RAR Group’s consolidated turnover exceeded one billion euros, while EBITDA reached 81 million euros.

Investments by RAR Group companies surpassed 70 million euros and were directed towards the expansion of operations and enhancements at Colep Packaging, Colep Consumer Products, RAR Açúcar, and RAR Imobiliária. These investments reflect a clear commitment to the future and an ongoing pursuit of improved operational efficiency across the Group’s subsidiaries.

Nuno Macedo Silva, Chairman of RAR Group, states in the introductory note to the Report: “2024 was a year of consolidation and strategic investment for RAR Group. Despite economic and geopolitical challenges, we succeeded in maintaining our performance and advancing key projects that will underpin future growth. As always, I extend my sincere thanks to our employees and partners, whose commitment and dedication were instrumental in achieving these results.”

In terms of performance, Colep Consumer Products and Colep Packaging demonstrated both resilience and growth, despite having to struggle againstcertain supply chain disruptions. Vitacress recorded sales growth across all its markets — Portugal, the United Kingdom, and the Netherlands — while significantly enhancing its operational efficiency and results. RAR Açúcar, despite operating in a highly challenging market environment, succeeded in improving its operational efficiency. Acembex maintained its growth trajectory in the cereals market, and RAR Imobiliária completed the “Novo Parque” development and launched new projects.

RAR Group anticipates that 2025 will be characterised by geopolitical uncertainty, particularly in light of the new administration in the United States, along with expectations of a favourable environment for business and investment, driven by declining inflation and interest rates. The Group’s focus will remain on strategic adaptation, strengthening operational and financial discipline, and pursuing new opportunities for diversification.

RAR GROUP

2024 EUR
Turnover - 1 011 037 213
Operating cash flow (EBITDA) - 80 997 056
Consolidated profit for the year - 33 192 892

2023 EUR*
Turnover - 986 979 538
Operating cash flow (EBITDA) - 85 385 269
Consolidated profit for the year - 34 525 116
*restated accounts

RAR GROUP COMPANIES IN 2024

Colep Consumer Products Portugal, S.A., a manufacturer of cosmetics, personal care, and wellbeing products, achieved consolidated sales of 335 million euros and an EBITDA of 38.3 million euros. This performance was driven by diligent cost management and a more profitable product mix, resulting from a focus on higher value-added businesses and innovation. Over 100 new sustainable formulations were launched, alongside the inauguration of an Innovation Hub in Portugal. Colep Consumer Products optimised its industrial footprint in Europe by closing operations in Brazil and Germany, while the Mexican unit experienced robust growth. Sustainability remains a strategic pillar, embedded across all operations and encompassing environmental and social aspects. The company employs 1,012 staff.

Colep Packaging Portugal, S.A., one of the leading European players in the metal and plastic packaging industry, improved its results in 2024, achieving consolidated sales of 149 million euros and an EBITDA of 27.5 million euros. The aerosols and general line segments were the primary contributors to these figures. The year was marked by significant strategic developments, including the full acquisition of ALM (now Colep Packaging Barcelona) and the commencement of operations for the joint venture in Mexico, thereby expanding the company’s global reach. Colep Packaging employs 799 individuals.

Vitacress Limited recorded consistent sales growth, reaching 220 million euros, alongside a significant improvement in its profitability, with an EBITDA of 13 million euros. The “Salads” business in the United Kingdom continued its trajectory of operational performance improvement, enabling a substantial recovery in results. The “Fresh Herbs” sector in the UK strengthened its market-leading position and benefited from stabilising inflation and energy prices. The Netherlands joint venture experienced sales growth but faced profitability pressures due to discount segment price challenges in Germany and the Benelux region. In Portugal, innovation associated with the Vitacress brand contributed to growth exceeding that of the market. Additionally, 2024 saw progress in the company’s sustainability agenda, targeting Net Zero Carbon by 2050. Vitacress currently employs 1,318 staff and anticipates maintaining its growth trajectory and strengthening results in 2025.

RAR – Refinarias de Açúcar Reunidas, S.A. operates within a market regulated by the European Union’s Common Agricultural Policy, facing significant challenges and strong competition from beet sugar producers. In 2024, sales exceeded 101 million euros, with an EBITDA of 376.2 thousand euros. The year was marked by volatility in raw material costs and pressure on selling prices. Continuous improvements in efficiency, equipment, and labour flexibility have been fundamental pillars enabling the company to report positive operating results. RAR Açúcar, which employs 237 staff, intends to intensify its focus on operational efficiency in 2025, supported by an extensive investment programme aimed at strengthening its competitiveness and, consequently, its profitability.

ACEMBEX – Comércio e Serviços, Lda. is an international trading company that handled approximately 800,000 tonnes of raw materials for the agrifood industry in 2024, maintaining its leadership in the national market for cereal and co-product imports, with a market share of 22%. Sales reached 198 million euros, with an EBITDA of 1.4 million euros. Operating in a volatile market, Acembex implements strategies to mitigate price and quantity risks for its clients, thereby ensuring their operational stability. The company has expanded its scope to include trading in organic cereals and other non-agrifood raw materials. Acembex employs 14 staff members.

RAR Imobiliária, S.A., a reference company in the Portuguese real estate sector, operated in a context of limited supply and constrained purchasing power, with sales prices remaining high. The company progressed with projects such as “Boavista 5205” and “Novo Parque,” commenced the marketing of “Montebelo Villas,” and advanced plans for a plot acquired in “Nevogilde”. Despite ongoing challenges related to supply and construction costs, RAR Imobiliária anticipates a moderate market growth in 2025, driven by sustainability and innovation. The company currently employs 17 staff members.