BELO HORIZONTE, Brazil, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) ("Verde” or the “Company”) announces that it sold 87,500 tonnes of its multinutrient potassium fertilizer, marketed and sold in Brazil under the brand K Forte® and internationally as Super Greensand® (“the Product”), until Q3 2019 and provides its third quarter results.
The Company informs that it will not achieve the stated sales target of 200 thousand tonnes for 2019. The Company estimates a total of 110 thousand tonnes will be sold in 2019, totaling revenues of R$16.3 Million (C$5.3 Million). For 2020 the company’s sales target is revised lower to R$32 Million (C$10.6 Million).
Q3 2019 Highlights
- Verde has produced 52,111 tonnes of product and has sold 62,855 tonnes during Q3. The Group had produced 33,760 tonnes and sold 23,625 tonnes in Q2.
- The Group recognized revenues of $3,055,000 in Q3 and made a gross profit of $1,559,000 from the sale of the Product.
- The Group recorded in Q3 a profit before tax of $97,000 and net profit of $1,000 after taxes.
- In July, mining permits for Mine Pit 1 and 3 were granted.
- In August, the Company was granted an environmental license for a new plant, to be built on a site adjacent to Mine Pit 2 with annual production of 890 thousand tonnes per annum of product.
- In September, the Company applied for an operational license (“Licena de Operao” - “LO”) that will authorize the start of operation in Mine Pit 1.
- In September, Verde ended the contract with Mr. Daniel Sabbag, Vice President Sales.
In total, the Group is currently fully permitted to produce 149,800 tonnes per annum and has applications pending for an additional 333 thousand tonnes per annum.
Subsequent event
- Plant 1 expansion was concluded in October increasing Plant 1’s production capacity to 500 thousand tonnes per year.