`Jaencoop Reports Record Sales - Olive Oil Times

Jaencoop Reports Record Sales

By Máté Pálfi
Jul. 11, 2023 12:43 UTC

Olive oil behe­moth Jaencoop announced record-high total rev­enues for the sec­ond con­sec­u­tive year at its annual gen­eral assem­bly.

The world’s sec­ond-largest olive oil-pro­duc­ing coop­er­a­tive achieved total rev­enues of €280 mil­lion in the 2022 finan­cial year, a 20-per­cent increase com­pared to 2021 and €18 mil­lion above the sec­tor aver­age.

Chief exec­u­tive Fernando Córcoles told the assem­bly that increas­ing rev­enues were par­tially due to a 53-per­cent rise in sales of Jaencoop’s pri­vate brand in Spain and exports to 21 coun­tries on five con­ti­nents.

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Juana Fernández, Jaencoop’s finan­cial direc­tor, said the group’s net worth reached nearly €8 mil­lion, reflect­ing more than 50 per­cent growth in the past five years.

The gen­eral assem­bly fin­ished with mem­bers unan­i­mously endors­ing man­age­ment for the job they did in 2022, which was marked by heat, drought and macro­eco­nomic head­winds.

According to Spain’s Food Information and Control Agency (AICA), olive oil pro­duc­tion in Jaén fell to just 177,00 tons in the 2022/23 crop year, the low­est yield since 2012/13. Production in the world’s largest olive oil-pro­duc­ing region usu­ally reaches about 600,000 tons per annum.

Last year, it rained at the exact moment so that the fruit could have set, but then there was not enough water for the har­vest to develop fully, so in the end, what we have seen has been a lot of olives in the mill, but with a very low-fat yield,” Jaencoop pres­i­dent Cristóbal Gallego said at a sep­a­rate event.

“[For the com­ing har­vest], there are tech­ni­cians who have already vis­ited some farms and warn that, if the weather con­di­tions do not change, many buds will go to wood,” he added. Producers in Jaén and the rest of Andalusia have told Olive Oil Times that they antic­i­pate another low har­vest due to the drought and high spring­time tem­per­a­tures.

Gallego said that he con­sid­ers the 2022/23 crop year worse than 2012/13 due to more cul­ti­vated area, irri­gated groves and super-high-den­sity olive groves in Jaén. Proportionally, it is much worse,” he said.

Gallego warned that despite record-high olive oil prices, which were also attrib­uted to the cooperative’s record rev­enues, increased pro­duc­tion costs meant farm­ers were earn­ing very lit­tle. What is being paid for the oil does not com­pen­sate the farmer,” Gallego added.

The cooperative’s announce­ment came as DCOOP also reported record olive oil sales dur­ing its gen­eral assem­bly in Málaga.

The group, com­posed of 400 coop­er­a­tive mem­bers, said its total rev­enue from olive oil sales reached €681 mil­lion in 2022.


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