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Forafric Global PLC (Nasdaq: AFRI) is a prominent agribusiness based in Morocco, with operations extending across Africa and exports reaching more than 45 countries globally. The company specializes in the production and sale of wheat flours, semolina, pasta, and couscous, with its main products marketed under the well-known Moroccan brands MAYMOUNA and TRIA. The company's primary revenue stream comes from soft wheat.
In recent developments, Forafric has made significant strides in expanding its production capacity. In July 2023, it acquired a 90% stake in Société Industrielle de Minoterie du Sud (SIMS), a soft wheat milling company operating in Marrakesh. This acquisition is part of Forafric’s strategic plan to double its crushing capacity in Morocco over the next two years. The deal, completed as an all-cash transaction including the assumption of SIMS' outstanding debt, has already received all necessary regulatory approvals.
Forafric’s achievements in 2023 include a record high crushing volume, processing over 443,000 metric tons of soft wheat in Morocco. This represents a capacity increase of approximately 35% compared to the previous year. Additionally, the company has secured a consistent wheat supply in the Sahel region of Africa, ensuring stable production.
Moreover, Forafric has entered into a 10-year renewable contract to lease and operate an existing milling facility in the Meknes-Fes region. This expansion is expected to boost the company’s milling capacity by an estimated 600 tons per day, encompassing both soft wheat and durum wheat. The transition is anticipated to take place in the third quarter of 2024, subject to regulatory approvals.
With 12 industrial units and 2 logistics platforms, Forafric continues to lead in the milling industry, offering a comprehensive range of products. The company remains committed to contributing to food security in Africa and aims to further expand its footprint within Morocco and the broader African continent.
Forafric Global PLC (Nasdaq: AFRI) announced a 10-year renewable lease agreement to operate a milling facility in Morocco, expecting to increase crushing capacity by 600 tons per day. The expansion will boost milling capabilities by 470 tons of soft wheat and 130 tons of durum, positioning the company for growth with low capital investment. Saad Bendidi, Chairman of Forafric, highlighted the strategic location and equipment quality of the facility, aiming to optimize operations and add value. Transition to Forafric's operations is projected for the third quarter of 2024.
Forafric Global PLC (NASDAQ: AFRI) reports record high crushing volume, processing over 276,000 Metric Tons of soft wheat in Morocco for H1 2022. Excluding new capacity, volumes reached 241,000 MT, a 9% increase from last year and 38% from pre-COVID 2019 levels. The company maintains 2.5 to 3 months of inventory, showcasing its robust supply chain management amid global market instability, especially due to the Ukraine conflict. Forafric aims to expand its capacity and footprint in Morocco and Africa to enhance food security.
Forafric Global PLC (NASDAQ: AFRI) has announced a significant partnership with Alapala Foreign Trade LLC to expand its milling operations in Morocco. The agreement involves upgrading three existing mills and constructing three new mills, anticipated to boost wheat and durum processing capacity by 2,370 metric tons per day within 30 months. The total investment for this expansion is approximately one billion Moroccan Dirhams (about US$101 million). The initiative aims to enhance production and strengthen Forafric's market presence in Morocco and Sub-Saharan Africa.
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