MINNEAPOLIS, Sept. 13, 2024 /CNW/ - Ceres Global Ag Corp. (TSX:CRP) ("Ceres" or the "Corporation") today announced its financial and operating results for the fourth quarter and year ended June 30, 2024. All amounts are in U.S. dollars unless otherwise noted.
Highlights for the fourth quarter and fiscal year ended June 30, 2024(Comparisons to the fourth quarter and fiscal year ended June 30, 2023)
Gross profit for the year was $35.2 million, the second-best year in the Corporation's history.
Income from operations was $16.8 million.
Net income for the year was $9.4 million or an earnings per share of $0.30;
On February 12, 2024, the Corporation announced an exclusive agreement with Groupo Trimex, Mexico's largest flour miller, to collaboratively develop and execute regenerative agriculture initiatives for hard red spring wheat grown in Canada and the United States that is destined for Mexico.
Subsequent to quarter end, on September 5, 2024, the Corporation announced an expanded regenerative agriculture partnership with Miller Milling, one of the largest wheat millers in the U.S., to improve agronomic and environmental outcomes for wheat growers in North Dakota by implementing advanced nutrient practices.
CEO Commentary
"At the onset of the year, we committed to building on the progress from fiscal year 2023 and executing our core strategies," commented Carlos Paz, President and CEO of Ceres. "Achieving our second-best fiscal year performance in Ceres' history is a testament to the success of remaining focused on effective trading, improving efficiencies across our joint ventures and network of assets, and capitalizing on synergies across our network of partners."
Mr. Paz continued, "Our regenerative agriculture program has grown significantly over the past year, with enrolled acres increasing more than sixfold compared to last year. We also retained 100% of our grower partners and added two new milling partners. The collaborations we established with Miller Milling, Grupo Trimex, and Lavie Bio this year exemplify our ability to drive the adoption of regenerative agriculture practices for our partners, positioning us for continued growth in the years ahead."
Summary Financial and Operational Results
(in thousands of USD except per share amounts)
3-Months Ended June 30, 2024
3-Months Ended June 30, 2023
12-Months Ended June 30, 2024
12-Months Ended June 30, 2023
Revenue
209,569
205,652
920,088
1,036,703
Gross profit
5,350
4,940
35,158
22,765
Income from operations
1,226
(1,848)
16,759
(2,712)
Net income (loss)
(501)
(2,504)
9,360
(7,912)
Earnings (loss) per basic share
(0.02)
(0.08)
0.30
(0.25)
Adjusted net income2
(501)
1,461
9,750
2,827
Adjusted EBITDA1
2,920
2,798
22,552
7,241
1, 2. See the Non-IFRS Financial Measures and Reconciliations section
Outlook
Mr. Paz added: "With mild weather in Canada and the U.S. pointing to higher-than-average crops, we are well-positioned to fully utilize storage and volume throughput across our network of assets to maximize the value of a potential bumper harvest season. Meanwhile, we continue to monitor geopolitical tensions and market volatility, fueled by the unresolved conflicts in Ukraine,
