Good afternoon, everyone, and welcome to Logista's first half 2024 results presentation. I'm Isabel Troya, Head of IR for Logista, and today Pedro Losada, our CFO, will walk you through results obtained during the period. At the end of the presentation, we will have a Q&A session in which we will answer the questions submitted through the platform. You may write your questions at any time during the presentation. Now, Pedro, we'll go through the highlights of the period. Pedro, if you may, we can proceed with the results.
Thank you, Isabel, and good afternoon to everyone connected today for our results presentation. I would like to start the presentation by going through the main highlights for the period. During the first half of 2024, we have obtained a solid set of results thanks to the growth of different business lines, to the profit on inventory recorded for the period, and the evolution of the interest rates. We have continued our progress in relation to our diversification strategy, maintaining the ratio of non-tobacco-related economic sales higher than 50%. As you may recall, last August, we renewed our credit line agreement with Imperial Brands, and now we have signed a further amendment to partially hedge the potential interest rate risk for the next three years. I would like to mention our ESG commitment, highlighting new targets established for the period 2024-2026 on sustainability matters.
In the following pages, I will give you further details on these main highlights. Looking into our results, despite the adverse macroeconomic environment we have had during the period, where inflation has remained high affecting growth expectations, Logista has obtained sound results in its main indicators. Economic sales have recorded a 4% increase year-on-year, up to a total of EUR 867 million. In relation to the split per area, Iberia reached economic sales of EUR 569 million, Italy reached EUR 190 million, and France EUR 111 million. As per the Adjusted EBIT, it recorded an increase of 5% up to EUR 193 million. I would like to mention that the year-on-year Adjusted EBIT growth, excluding the profit on inventory, is fully aligned with our guidance of mid-single digit excluding inventory revaluations, reaching 5% for the first six months of the year.
Net profit has reached EUR 160 million, which is a 27% against the first half of 2023. It is worth highlighting two relevant items of our P&L account for the period: a EUR 25 million profit on inventory and a financial income of EUR 53 million. Later on, we will dive deeper into each of the regions. We have continued to implement our diversification strategy aimed at reducing the exposure of Logista to tobacco, but without giving away the actual business itself, among others, given its profitability. With this strategy, we seek the resilience of Logista, considering tobacco continues to decline over time. During the period, we have secured two additional acquisitions. The first one was the acquisition of SGEL Libros in Spain. This acquisition was made by Logista Libros, our 50% subsidiary with Grupo Planeta, which focuses our distribution and logistics for the books industry.
This strategic transaction consolidates our position as a leading independent book distributor in Spain. ESGEL adds a relevant editorial client base and the distribution of educational books to our catalog, which we did not distribute before. And secondly, we completed the acquisition of Belgium Parcels Service, a company specializing in the urgent distribution of pharmaceutical products in Belgium and Luxembourg. With this transaction, we expand our business to our Benelux area while strengthening our position in pharmaceutical distribution and the courier segment. BPS provides courier services in Belgium, Luxembourg, the Netherlands, France, and Germany, specializing in the distribution of sensitive products, mainly controlled temperature pharmaceuticals, to hospitals and pharmacies. Since we started our diversification strategy, we have secured so far six transactions which have allowed us to surpass the 50% threshold in economic sales of non-tobacco sources.
We continue to work on implementing the synergies identified in each of the different acquisitions, whether it's route combinations or warehouse consolidations, looking to extract the maximum value of the transactions already executed. Furthermore, we continue to seek new transactions which allow us to secure Logista's growth outside tobacco. Moving on to the next, highlight, we would like to give you further details in relation to the credit line agreement with Imperial Brands. During August last year, we signed its renewal in which we increased the maximum amount of the credit line, to EUR 3 billion from June 2024, compared to the previous maximum of EUR 2.6 billion. Following this new agreement, in February, we signed an addendum to the credit line to partially hedge the interest rate risk for the coming three years. In this new agreement, we have split the credit in two tranches.
The first tranche, which covers the first EUR 1 billion lent, will be remunerated at a fixed rate of 2.865%+ a spread of 75 basis points, totaling 3.615%. The second tranche, which covers all amounts lent above EUR 1 billion and up to EUR 3 billion, will remain at a variable rate of Euribor six months plus a spread of 75 basis points, with a 0% floor to the Euribor. With this renewal, we secured an optimal remuneration of our cash position for the coming years, while we partially cover the risk of the interest rates falling during the next three years. On ESG-related matters, I would like to highlight some new targets we have set for Logista for the period 2024-2026.
In environmental matters, last fiscal year, we surpassed the goal we had set in relation to the numbers of kilometers rolled at Logista Freight, Logista Parcel, and Nacex with sustainable fleet. We now renew this target, including also El Mosca and Carbó within the scope, and extending the target up to 90% of the total kilometers rolled by sustainable fleet. Furthermore, we continue to promote decarbonization in our transportation segment by using renewable fuel as well as increasing the kilometers rolled by electric vehicles, duo trailers, or model transportation combining sea freight and train transportation with the traditional long-distance road transportation. In circular economy matters, we have started our initiative to recycle NGP devices by installing recycling boxes in tobacconists and managing all the recycling process.