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Organto Foods Inc. (OGOFF) is a leading provider of organic and non-GMO fruit and vegetable products, offering branded, private label, and distributed items globally. With a focus on environmental responsibility and sustainable business practices, Organto serves health-conscious consumers through its strategic asset-light model. Recent developments include a management cease trade order to finalize annual financial statements and the divestiture of three Dutch subsidiaries to enhance financial stability.
Organto Foods (OTCQB:OGOFF) reported its Q2 2022 financial results, showing sales of $5.11 million, down 4.9% year-over-year. However, when adjusted for currency fluctuations, sales in Euros increased by 4%. Gross profit was $208,084, or 4.1% of sales, significantly lower compared to 12.1% in the previous year. The company's cash position improved to $8.42 million. Despite challenges from the Russia/Ukraine war and rising costs, Organto continues to invest in growth initiatives. A net loss of $2.68 million was reported, up from a loss of $1.16 million in the earlier year.
Organto Foods Inc. has launched its I AM Organic product line, starting with organic bananas and apples, in approximately 400 fueling and EV charging stations in the Netherlands. This initiative aims to provide healthy, convenient snack options for consumers. The products utilize digital passport technology for transparency, showcasing details like origin and carbon footprint. Co-CEO Rients van der Wal emphasized the brand's mission of accessibility to organic produce. This partnership reinforces Organto's strategy to expand its presence in the market and enhance its brand visibility.
Organto Foods Inc. held its 2022 Annual General Meeting on June 22, 2022, in Vancouver, BC, with approximately 19% of eligible shares voted. Shareholders overwhelmingly supported all resolutions, with over 98% approval. Eight directors were elected, with 62.5% being independent. The firm appointed Dale Matheson Carr-Hilton Labonte LLP as independent auditor for the upcoming year and approved amendments to its Share Option and Restricted Share Unit Plans.
Organto Foods announced its financial results for Q1 2022, marking record quarterly sales of $6,999,864, up 46.7% from the previous year. This increase is also a 57.7% rise when adjusted for currency fluctuations. The company achieved a gross profit of $670,602, maintaining a 9.6% profit margin. Operating expenses rose to 25.7% of sales due to investments in growth. Organto improved its balance sheet with cash on hand of $9,542,805 compared to $3,629,677 year-over-year. However, the company reported a net loss of $2,328,787 for the quarter.
Organto Foods reported record financial results for fiscal 2021, with sales hitting $19.5 million—a remarkable 70.5% increase from the previous year. Gross profit also set a record at $1.99 million, representing 10.2% of sales. Despite challenges from supply chain issues and inflation, the company is positioned for growth with strong cash reserves of $11.87 million and projected Q1 2022 sales of $6.7-6.9 million, up 42% year-over-year. This marks the 11th consecutive quarter of record sales growth.
Organto Foods Inc. announced a new €2 million (approximately CDN$ 2.8 million) factoring facility with Eurofactor, a Division of Credit Agricole Group, significantly enhancing its capital structure. This new facility more than doubles the previous credit limit and is expected to reduce borrowing costs by approximately 40%-50%, improving working capital management. Co-CEO Rients van der Wal highlighted the need for this facility to support the anticipated growth in 2022 and further expansion of Organto's I AM Organic brand, addressing increasing consumer demand for sustainable organic products.
Organto Foods Inc. has completed the acquisition of Zimbabwe Marketing Services (ZMS), enhancing its sourcing capabilities in key African regions. This strategically aligned, asset-light acquisition is expected to drive immediate EBITDA growth and supports Organto's focus on organic fruits and vegetables. The deal includes €400,000 worth of common shares, resulting in the addition of established supply agreements and potential expansion in markets like Europe, South Africa, and the Middle East. Additionally, Organto has granted stock options and restricted share units to enhance employee engagement.
Organto Foods Inc. (OTC PINK: OGOFF) announced its participation in the 2022 World Outlook Financial Conference on February 5. CEO Steve Bromley will present, promoting Organto's organic fruit and vegetable products. The company emphasizes its asset-light business model sourcing from five continents and serving 18 countries in Europe. Notably, Organto has achieved nine consecutive quarters of record revenue and margin growth. The firm aims to expand its operations through internal growth and acquisitions, reinforcing its commitment to sustainability.
Organto Foods Inc. has upgraded its OTC Pink Sheet listing to the OTCQB Venture Market, effective January 13, 2022. This move is designed to enhance trading accessibility for U.S. investors under the unchanged ticker symbol OGOFF. The OTCQB requires companies to meet high financial standards and adhere to U.S. securities laws. This upgrade, alongside previous DTC eligibility, aims to boost investor awareness and streamline trading experiences. Organto plans to leverage the growing global demand for healthy, sustainable food products.
Organto Foods Inc. announced the appointment of John Rathwell as Senior Vice President of Investor Relations and Corporate Development. Rathwell brings over 25 years of capital markets experience, having worked extensively at TD Securities. His expertise will support Organto's growth strategy in organic fruits and vegetables through internal expansion and acquisitions. Both Co-CEOs expressed enthusiasm regarding Rathwell’s contributions, emphasizing the company's commitment to sustainable practices and building a one-stop shop for organic products.
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