Two and a half years after his arrival in , Ignacio Silva, the president of the Spanish oil giant, owner of brands such as Carbonell, Bertolli, Carapelli or Koipe, has achieved what seemed impossible. After years crushed by the weight of debt, after several bailouts and continuous losses, until 2026 with which the company, already in profit, will grow up to 15 points above the market, double its ebitda and consolidate its leadership in all countries in those who operate
What is the new strategic plan?
It is an advance of the previous one, which ran from 2019 to 2023 and in which it was expected to reach an ebitda of 55 million at the end of the period. For this year, we had to reach 40 million and we have practically done it until September, estimating around 45 million by the end of the year. The new plan, approved by the council on October 30, corrects some things and introduces new features. We want to focus on the countries where we are, achieving leadership and unity in all of them. But maintaining the two fundamental pillars: quality and brands.
What are the growth forecasts?
It is a plan to grow three points above the market each year, so that by the end of it we will have grown 15 more points. The goal is to reach an ebitda (gross operating profit) of 91 million euros in 2026. That would mean doubling the ebitda with which we will close this year. The company must also focus on the consumer. It must be at the center of all our decisions. Right now, oil is highly influenced by the evolution of the raw material and what we have to achieve is ask the consumer what he wants. You have to innovate, have a very clear commitment to brands. It is something that in the dairy sector companies like
What billing forecast is there?
Billing in this sector is very misleading because it still depends a lot on prices. Last year was exceptionally good and this year we are going to be even better. We are going to achieve the best billing in history, but it is because we have had to raise prices. It will be the best year in revenue, but we are not going to break the results record.
“Whoever has not raised oil prices is going to have a bad time; I don’t think it will go any further”
Will there be more price increases?
Whoever has not already raised the price of oil is going to have a very bad time. What should have been uploaded has already been done and I don’t expect it to become more expensive. At least, due to the rise in oil, although another different issue is the increase in or increase in the cost of plastics and other containers. In any case, what we have to achieve is to reduce, as I said, the volatility and dependence on the price of the raw material. We are collaborating with a project from the University of Córdoba to anticipate how the harvests will be through pollen, data analysis, artificial intelligence and sustainability.
But they are in a sector that depends a lot on the weather, which has a high risk profile
The risk profile will always exist, but we have to invest to be able to anticipate the harvest and reduce that dependency on whether or not it rains in October.
What market share do you hope to achieve, what do you have now?
Our market share in Spain is 11% and we are growing both in volume and value. Growth will depend on each country because the consumption situation is not the same. In mature markets, such as Italy, oil consumption is falling by more than 10% compared to 2019 after the rise in prices. And in Spain it also decreased by 3%. In the United States, on the other hand, it grows at a rate of between 10 and 15%
Is the United States still a priority market then?
Yes, of course. We are strong with Bertolli and we also want to grow with Carbonell and Carapelli. In general, we want mature markets, such as Spain, Italy, Greece and Portugal, which until now represented 70% of our sales, to reduce their weight to 60%. On the other hand, we want to grow in countries with a market of more than 10 million liters but where we are now small, such as Russia, Brazil or Japan. We are going to give great importance to brands with growth in marketing spending in five years of 50% in Bertolli, Carbonell and Carapelli; in addition to diversifying our offer towards other products, such as olives, vinegars or sauces.
“We want to lead the market in countries like Brazil, Russia or Japan, as well as the US”
and china? It is also a very important market…
China’s problem is that it requires a very large investment in order to grow. All the efforts we have made up to now have been in vain and right now it is not a priority, as it is in other countries, such as Brazil, Russia or Japan, as I said.
What other focuses will the new strategic plan have?
Sustainability will also be essential. We want not only the company to be sustainable, but also the brands. We want to demand sustainability and traceability from our suppliers and act in packaging, supply, operations…
How do you rate the oil quality standard?
I think it is very positive, it is a great advance. We must defend the quality and traceability of the oil. Spain has to move forward in this direction; there are more and more countries that are producing good oil, like in South America.
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