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Forafric Global (AFRI) investor relations material
Forafric Global Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Forafric Global PLC is a leading wheat milling and food processing company in Morocco and West Africa, with operations spanning flour, semolina, pasta, and couscous, and exports to 45 countries.
In 2024, the company focused on a Morocco and soft wheat-centric strategy, initiating divestitures of non-core assets and logistics businesses to strengthen its balance sheet and improve working capital.
The company faces substantial risks, including commodity price volatility, foreign exchange fluctuations, supply chain dependencies, and significant liquidity concerns that raise doubt about its ability to continue as a going concern.
Financial highlights
Revenues from continuing operations for 2024 were $274.2M, down 9.2% from $302.0M in 2023, mainly due to lower crushed volumes in Morocco.
Gross profit for 2024 was $27.3M, a 4.2% decrease year-over-year; operating loss from continuing operations was $(7.8)M versus a $1.2M profit in 2023.
Net loss attributable to the company for 2024 was $(24.3)M, compared to $(12.7)M in 2023; basic and diluted loss per share was $(0.87) in 2024.
Cash and cash equivalents at year-end 2024 were $12.2M, down from $24.0M in 2023, primarily due to debt repayment.
Inventories and trade receivables both declined by over 45% year-over-year, reflecting lower sales and operational scale-back.
Outlook and guidance
Management is pursuing additional financing, cost reductions, and expects to close asset sales totaling $29M by May 2025 to address liquidity needs.
The company’s ability to continue as a going concern depends on successful execution of these plans; otherwise, it may not be able to meet obligations.
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