Forafric Achieves Record High Crushing Volume During First Half of 2022
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.
- Record high crushing volume of 276,000 MT in H1 2022.
- 241,000 MT processed excluding new capacity, a 9% increase YoY.
- 2.5 to 3 months of soft wheat inventory maintained.
- Strong procurement capabilities enabling operation during market instability.
- None.
Company secures sufficient soft wheat supply, with up to three months of inventory.
When excluding new capacity acquired over the last 12 months, crushing volume totaled 241,000 MT, still a record for the company. 241,000 MT represents a
“Both of these key metrics – record first-half crushing volume and stable inventory levels – are very positive indicators for Forafric. Given the instability in international grain markets, especially as a result of the conflict in
About Forafric
Forafric is a leading agribusiness player in
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005118/en/
Hayden IR
(646) 536-7331
brett@haydenir.com
Source:
FAQ
What record did Forafric Global PLC achieve in H1 2022?
How much wheat inventory does Forafric maintain?
What is the crushing volume increase for Forafric compared to the previous year?
What impact did the Ukraine conflict have on Forafric's operations?