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February 14, 2024 (Investorideas Newswire) Investorideas ( .com) Ag Stock News Bites - Ceres Global Ag Corp. (TSX: CRP ) announced its financial and operating results for the three and six-month periods ended December 31, 2023. All amounts are in U.S. dollars unless otherwise noted.
Highlights for the quarter ended December 31, 2023
(Comparisons to the quarter ended December 31, 2022)
Gross profit for the quarter was $7.9 million, the second-best second quarter in the Corporation's history, up from $6.7 million in the previous year.
Income from operations was $3.7 million, increasing 280.4% from 976 thousand in the prior year.
Net income for the quarter was $2.7 million, up $3.9 million compared to the previous year.
On February 12, 2024, the Corporation announced an exclusive agreement with Grupo Trimex ("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.
CEO Commentary
"Building on the strong start to the fiscal year last quarter, we continued to focus on our fundamental strategy of maximizing our network of assets and finding creative, capital-efficient methods of expanding our farmer-direct origination," commented Carlos Paz, President and CEO of Ceres. "By remaining steadfast in our strategic approach and skillfully handling the trading and marketing of our core products, we achieved the second-best Q2 in the Corporation's history."
"Our joint ventures at Berthold Farmers Elevator and Thief River Falls continue to show considerable growth, with volumes handled this quarter increasing 11% and 33%, respectively, highlighting the efficacy of our operational improvements and our ability to maximize the value of our network and assets. For the second quarter in a row, we achieved record-breaking volumes and gross margins in the Seed Retail and Processing segment. Implementing operational efficiencies at the Jordan crush plant and our team's proactive purchasing of soybean volumes drove this success, enhancing operational capacity and efficiency."
Read the company's full news and disclaimer here:
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