CITRUM EXPANSION PROJECT
Agriculture, Agribusiness & Blue Economy
Information
Company Description
CITRUM - Citrinos do Umbeluzi SA - CITRUM, an agricultural company located in Boane, 50km from Maputo, total area 700 Ha. 125 ha of bananas produces 5.000 tons of bananas per year. 80 ha of citrus includes Star Ruby and Marsh grapefruit, Valencia and Delta oranges. Since 2017 an expansion project is under way.
Countries of Operation
Mozambique
Ownership of Company:
100% Local Company
Number of years since incorporated
24
Project Pitch
Phase 1 began in 2017, rehabilitating the existing banana plantation and expanding banana cultivation at 1º de Maio to 125 hectares. Phase 2 plans to expand by 225 Ha, costing an estimated 4,5 million USD. Bananas was chosen as the main crop due to favourable agroclimatic conditions, very easy water accessibility, yielding returns within 12–14 months after planting and local and export market opportunities: - Extensive regional expertise, with more than 3.000 hectares cultivated in Maputo and Gaza and another 2.000 hectares in Komatiport area, provides a strong knowledge base for successful production. - Regular and consistent market growth in recent years, including opportunities to supply the Middle East. - The fruit demonstrates resilience to economic downturn, with regular sales and minimal price variation throughout the year. - Easy access to key export routes, road to South Africa and Port of Maputo. With the investment planed for phase 2, the company will increase its production to 16.900 tons/year in the 3rd year, reaching an export volume of 730.000 boxes per year, representing 78% of the total production. The expected gross revenues are estimated in 5,9 million USD/year and an EBITDA of 1,3 million USD/year.
Team
Arnaldo Ribeiro - Chairman of the board Romeu Rodrigues - Director Acácio Sitoe - Manager
Type of Project
Private Company project
Stage
Growth stage
Annual Revenue (in EUR)
1.000.000 - 5.000.000 EUR
Number of employees
101-500
Total Project Cost (in EUR)
4,000,000
Financing needs (in EUR)
4,000,000
Type of financing needed
Debt; Equity; Grant
The Company is looking for:
Financing; Joint Venture/Partnership;
Planned allocation of fundraising capital
Expansion (expanding an existing activity)