The company, formed in July through the merger of Total Produce – a 2006 spin-off from Fyffes – and US rival Dole Foods saw pro-forma revenue increase 113.7 per cent to $9.3 billion in the year to December 31st, 2021.
The “pro-forma” figures reported are calculated as if the merger had occurred on January 1st, 2020, in order to give an insight into trends. The group now has a strategic and valuable asset base, including over 114,000 acres of land and other land holdings, over 160 distribution and manufacturing facilities, 75 packing houses, 12 cold storage facilities, five salad manufacturing plants and 13 owned vessels.“Our scale and footprint have increased significantly and we are well positioned to deliver long term sustainable growth,” he said.
In terms of outlook for 2022, Dole is targeting revenue in the range of $9.6-$9.9 billion and adjusted EBITDA of $370-$380 million. It is targeting capital expenditures of about $125 million.