PARIS (Reuters) – French agrifood group Avril posted increased earnings for 2024 on Wednesday, but said the volatility caused by U.S. tariffs would be challenging even as local sourcing should shelter it to an extent.
Founded by French oilseed and protein crop growers, Avril is France’s biggest producer of biodiesel and animal nutrition, and a major player in cooking oils such as consumer brand Lesieur and plant-based chemicals.
Earnings before interest, taxes, depreciation, and amortisation rose to 370 million euros ($420 million), up 8% from 2023, despite a 2% decline in revenue to 7.7 billion euros, largely due to falling commodity prices.
Net income fell 36% to 25 million euros, weighed down by higher depreciation linked to recent investments.
The group is targeting EBITDA of 550 million euros by 2030.
Avril already sources most of its oilseeds locally and expects to curb imports from Europe for its oleochemical operations in Texas to protect itself against tariffs.
Avril’s CEO Jean-Philippe Puig, however, said: “The impact on prices and volatility will make it challenging in the year ahead.”
A near-ban on Canadian canola that could push demand toward the European Union, for instance, drove EU rapeseed prices sharply lower after Trump’s announcement of tariffs on Canada.
Following four acquisitions in the animal feed and chemical sectors in 2024, Avril is considering more deals this year, with several targets identified, Puig said. He declined to provide further details.
(Reporting by Sybille de La Hamaide; editing by Barbara Lewis)
