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Forafric Global PLC (Nasdaq: AFRI) achieved record high crushing volume in the first nine months of 2023, processing over 443,000 Metric Tons (MT) of soft wheat in Morocco. The company completed the acquisition of 90% of Société Industrielle de Minoterie du Sud ('SIMS'), a soft wheat milling company, and extended its crushing capacity in Morocco by 370 tons per day. Forafric also secured wheat supply in the Sahel region of Africa, with production steady. Chairman Saad Bendidi stated that the company's crushing volume increased by more than 10% compared to the same period last year, and they aim to continue increasing capacity at a manageable pace.
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Achieves Record High Crushing Volume in First Nine Months of 2023
CASABLANCA, Morocco--(BUSINESS WIRE)--
Forafric Global PLC (Nasdaq: AFRI) (“Forafric”), a vertically integrated agribusiness serving Africa, today provided a business update.
Recent Business Highlights
Achieved record high crushing volume for the first nine months of 2023, with more than 443,000 Metric Tons (MT) of soft wheat processed in Morocco, its largest market
Completed acquisition of 90% of Société Industrielle de Minoterie du Sud (“SIMS”), a soft wheat milling company with primary operations in Marrakesh
Extending crushing capacity in Morocco by 370 tons per day; 120 tons per day up and running in Sanabil (Meknes) and 250 tons per day in Casablanca expected to be operational before year end
Secured wheat supply in the Sahel region of Africa and production is steady
Saad Bendidi, Chairman of Forafric, said, “We achieved record high crushing volume, nearly 537,000 metric tons, through the first nine months of 2023, an increase of more than 10% compared to the same period last year. With our acquisition of SIMS, which was finalized in July, we added an additional 300 tons of capacity per day, and we have plans to extend capacity even further in Morocco before year end. So far this year, we have expanded our crushing capacity by approximately 35% compared to last year, and we aim to continue increasing capacity at a manageable pace.”
About Forafric
Forafric is a leading agribusiness player in Africa with activities in Morocco and Sub-Saharan Africa. It is the milling industry leader with a complete range of flour and semolina, and secondary processing products such as pasta and couscous. The Group operates 12 industrial units, and 2 logistics platforms. Forafric exports its products to more than 45 countries around the world. Forafric intends to continue expanding both in Morocco and in Africa and contributing to growing Africa food security.
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.
What is the ticker symbol for Forafric Global PLC?
The ticker symbol for Forafric Global PLC is AFRI on the Nasdaq stock exchange.
What was the record high crushing volume achieved by Forafric Global PLC in the first nine months of 2023?
Forafric Global PLC achieved a record high crushing volume of over 443,000 Metric Tons (MT) of soft wheat processed in Morocco in the first nine months of 2023.
What was the recent acquisition completed by Forafric Global PLC?
Forafric Global PLC completed the acquisition of 90% of Société Industrielle de Minoterie du Sud ('SIMS'), a soft wheat milling company.
What is the plan for extending capacity in Morocco by Forafric Global PLC?
Forafric Global PLC plans to extend crushing capacity in Morocco by 370 tons per day, with 120 tons per day already operational in Sanabil (Meknes) and 250 tons per day expected to be operational in Casablanca before year end.
What region did Forafric Global PLC secure wheat supply in?
Forafric Global PLC secured wheat supply in the Sahel region of Africa, with production steady.
What was the percentage increase in crushing volume mentioned by Chairman Saad Bendidi?
Chairman Saad Bendidi mentioned that the company's crushing volume increased by more than 10% compared to the same period last year.
What are the future plans for capacity expansion by Forafric Global PLC?
Forafric Global PLC aims to continue increasing capacity at a manageable pace following the acquisition of SIMS and the extension of crushing capacity in Morocco.
