Corticeira Amorim targets 800 million in revenues

  • ECO News
  • 2 October 2019

António Rios de Amorim reveals that exports in 2018 reached a record level. This year, the company is anticipating a value of 800 million euros in revenues.

After achieving a record in exports last year, Corticeira Amorim is confident about the results it will achieve by the end of this year. It points to a increase in turnover, which should enable the company led by António Rios de Amorim to reach €800 million in revenue.

If the values expected by Corticeira Amorim are confirmed, these results represent an increase of 4.85% compared to 2018, when Corticeira Amorim reached 763 million euros in revenues.

Among the factors highlighted by António Rios de Amorim to justify this performance is “the appreciation of the dollar which helped to increase exports” and the “adjustment in commodity prices”. On the other hand, among the “less positive things”, the highlight goes to the “weak campaign of wines from the 2017 harvest, which are bottled two years later and which impacted the numbers, especially until July”.

In the first six months of this year, Corticeira Amorim’s profits reached 40 million euros, slightly lower than in the same period last year. Revenues grew, however, costs had a significant weight, ultimately affecting the company’s net income.