A thirty-fold increase in exports from $126.4 million to $3.8 billion in the first half of this year helped to boost Cafca’s net earnings from $326.9 million to $2.1 billion. It also earned the company an additional $2 billion primarily through exchange gains.
According to the company’s latest results, though domestic sales almost doubled from $2.1 billion to $4.1 billion, volumes were down 64 percent. Exports increased by 581 percent, but overall volume declined by 34 percent.
Total revenue increased from $2.2 billion to $7.9 billion beating that for the entire last year which stood at $6.7 billion.
The company also says it reduced its net debt by 70 percent to $144million, but it says it is difficult to predict what the next six months will hold as long as political and socio-economic fundamentals are not addressed.