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Verde AgriTech reports 3Q19 results

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World Fertilizer,

Verde AgriTech Plc has released its 3Q19 results and announced that it sold 87 500 t of its multinutrient potassium fertilizer, marketed and sold in Brazil under the brand K Forte® and internationally as Super Greensand® in 3Q19.

The company informs that it will not achieve the stated sales target of 200 000 t for 2019. The company estimates a total of 110 000 t will be sold in 2019, totalling 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).

3Q19 Highlights

  • Verde has produced 52 111 t of product and has sold 62 855 t during Q3. The Group had produced 33 760 t and sold 23 625 t in Q2.
  • The Group recognised 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 $1000 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 890 000 tpy of product.
  • In September, the company applied for an operational license (Licença de Operação - LO) that will authorise the start of operation in Mine Pit 1.
  • In September, Verde ended the contract with Daniel Sabbag, Vice President Sales.

In total, the Group is currently fully permitted to produce 149 800 tpy and has applications pending for an additional 333 000 tpy.

Subsequent event

  • Plant 1 expansion was concluded in October increasing Plant 1’s production capacity to 500 000 tpy.

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