BELO HORIZONTE, Brazil, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) ("Verde” or the “Company”) is pleased to announce its financial results for the second quarter, ended June 30, 2020 (“Q2 2020”).
Q2 2020 Financial Highlights
- The Company recognised revenue of $2,492,586, an increase of 87% compared to $1,329,127 in the second quarter of 2019 (“Q2 2019”).
- Production increased by 139% with a total of 80,490 tonnes mined, compared to 33,671 tonnes in Q2 2019.
- Sales increased by 202% with a total of 71,183 tonnes sold, compared to 23,600 tonnes in Q2 2019.
- The Company generated a net profit of $443,525, compared to a net loss of $222,657 in Q2 2019.
- Gross margin increased by 12%, with a total of 62% in Q2 2020 compared to 50% in Q2 2019.
Subsequent Events
- In July 2020, the Company secured a bank loan of R$ 5.3 million ($1.473 million), for CAPEX investment and working capital.
- In July 2020, the new mill purchased by the Company was delivered. It will replace the first mill bought in 2018, thereby increasing Plant 1 name plate production capacity by 14% to 2,880 tonnes per day, with expected operational capacity of 2,000 tonnes per day.
"Far more important than our net profit is the consistent growth that Verde AgriTech is delivering as it introduces new sustainable technologies to support global food production. We expect this growth to accelerate in the coming years as we launch a new generation of technologies currently under advanced development. Verde AgriTech is looking to revolutionize sustainable production of food”, commented Cristiano Veloso, Verde’s founder, President and CEO.
“The Company continues to show improved year-on-year sales and operational improvement and continued progress toward the stated target of R$32 million revenue for the year, representing 76% growth”, concluded Mr. Veloso.
In Q2 2020 the Company sold 71,183 tonnes of its multinutrient potassium fertilizer, marketed and sold in Brazil under the K Forte® brand and internationally as Super Greensand® (the “Product”), an increase of 202% in comparison to 23,600 tonnes for Q2 2019.
The revenue for Q2 2020 increased by 87% with a total of $2,492,586, compared to $1,329,127 in Q2 2019. The gross margin for Q2 2020 was 62% and the operating profit before non-cash events was $584,500.
The Company generated a net profit of $443,525 for Q2 2020. The profit per share in Q2 2020 was $0.009, against a loss per share of $0.004 in Q2 2019.
Most of the Product sales in Brazil are expected to take place between June and September, due to the climatic seasonality in the agricultural cycle. Thus, the Company’s operations are set for improved production, sales and consequently improved financial results for the third quarter.
(All figures are in Canadian dollars, unless otherwise expressed. Exchange rate in Q2 2020: 1.00 CAD = 3.598 BRL)
BELO HORIZONTE, Brazil, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) ("Verde” or the “Company”) is pleased to announce its financial results for the second quarter, ended June 30, 2020 (“Q2 2020”).
Q2 2020 Financial Highlights
- The Company recognised revenue of $2,492,586, an increase of 87% compared to $1,329,127 in the second quarter of 2019 (“Q2 2019”).
- Production increased by 139% with a total of 80,490 tonnes mined, compared to 33,671 tonnes in Q2 2019.
- Sales increased by 202% with a total of 71,183 tonnes sold, compared to 23,600 tonnes in Q2 2019.
- The Company generated a net profit of $443,525, compared to a net loss of $222,657 in Q2 2019.
- Gross margin increased by 12%, with a total of 62% in Q2 2020 compared to 50% in Q2 2019.
Subsequent Events
- In July 2020, the Company secured a bank loan of R$ 5.3 million ($1.473 million), for CAPEX investment and working capital.
- In July 2020, the new mill purchased by the Company was delivered. It will replace the first mill bought in 2018, thereby increasing Plant 1 name plate production capacity by 14% to 2,880 tonnes per day, with expected operational capacity of 2,000 tonnes per day.
"Far more important than our net profit is the consistent growth that Verde AgriTech is delivering as it introduces new sustainable technologies to support global food production. We expect this growth to accelerate in the coming years as we launch a new generation of technologies currently under advanced development. Verde AgriTech is looking to revolutionize sustainable production of food”, commented Cristiano Veloso, Verde’s founder, President and CEO.
“The Company continues to show improved year-on-year sales and operational improvement and continued progress toward the stated target of R$32 million revenue for the year, representing 76% growth”, concluded Mr. Veloso.
In Q2 2020 the Company sold 71,183 tonnes of its multinutrient potassium fertilizer, marketed and sold in Brazil under the K Forte® brand and internationally as Super Greensand® (the “Product”), an increase of 202% in comparison to 23,600 tonnes for Q2 2019.
The revenue for Q2 2020 increased by 87% with a total of $2,492,586, compared to $1,329,127 in Q2 2019. The gross margin for Q2 2020 was 62% and the operating profit before non-cash events was $584,500.
The Company generated a net profit of $443,525 for Q2 2020. The profit per share in Q2 2020 was $0.009, against a loss per share of $0.004 in Q2 2019.
Most of the Product sales in Brazil are expected to take place between June and September, due to the climatic seasonality in the agricultural cycle. Thus, the Company’s operations are set for improved production, sales and consequently improved financial results for the third quarter.