Cobram Estate achieves record 3M-litre olive oil harvest in California

Cobram Estate Olives (ASX:CBO) has completed its 2024 Californian olive harvest, producing 3 million litres of olive oil.

The output marks a 77.1% increase over the 2022 'off' year production, aided by an expanded supply from third-party growers and the maturation of company-owned groves.

The company highlighted that its groves accounted for 23% of total production, up from 11% last year.

Presently, only 11% of the company's USA groves are mature. Despite this, milling efficiencies and oil quality exceeded expectations.

In terms of growth, Cobram Estate Olives has planted 164 additional hectares in California, bringing its company grove area to 916 hectares.

New acquisitions are set to double the growable area in the USA, supported by increased debt facilities from the Commonwealth Bank of Australia (ASX:CBA).

"Meeting agreed sustainability targets results in an interest saving to the company," explained the Cobram Estate Olives' leadership team, regarding their reclassified sustainability-linked loan with the bank.

Sales are robust in both the Australian and US markets, with packaged goods sales surpassing budget expectations following a 15% price increase in the US.

Cobram Estate Olives is a vertically integrated olive farmer and marketer of quality extra virgin olive oil. The company owns a portfolio of olive oil brands including Cobram Estate and Red Island.