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Verde AgriTech sees triple-digit revenue growth in 4Q driven by strong sales of its potassium fertilizer

For the quarter ended December 2019, the company posted revenue of almost C$1.5 million, and full-year sales of over $6 million

Verde AgriTech Plc -
Verde swung to a profit in the fourth-quarter posting C$79,000 in income, compared to a loss in the same period in 2018

Verde AgriTech Plc (TSE:NPK) (OTCQB:AMHPF) is coming off a year of significant growth highlighted by triple-digit revenue growth in its fourth quarter.

For the quarter ended December 2019, the company posted a 115% jump in revenue to nearly C$1.5 million, compared to C$692,000 in the same period a year earlier.

Brazil-based Verde’s full-year revenue for 2019 was just over C$6 million, a 344% increase from 2018 levels.

READ: Verde AgriTech highlights growing fertilizer sales in 3Q results

“As we announced in September 2019, our sales target for 2020 is set at R$32 million (C$10.6 million),” CEO Cristiano Veloso said in a statement.

“If successful, we will deliver a 76% growth year-on-year and expect to generate our maiden net profit. We are working hard to deliver this result and are confident that every lesson learned in 2019 is being deployed to achieve another year of significant growth.”

Verde’s leading product is a multinutrient potassium fertilizer marketed in Brazil under the K Forte name and on international shelves as Super Greensand.

The agriculture company sold nearly 120,000 tons of its potassium fertilizer in 2019, a marked increase from the 29,648 tons it sold a year earlier.

During the fourth quarter, the company sold 32,221 tons of product, compared to 20,641 in the same period in 2018.

Verde swung to a profit in the fourth quarter, posting C$79,000 in income compared to the C$636,000 loss it saw during 4Q 2018.

The firm is fully permitted to produce 199,800 tons of fertilizer annually and has applications pending for an additional 283,000 tons per annum.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Verde AgriTech Plc

Price: 0.57 CAD

TSX:NPK
Market: TSX
Market Cap: $26.75 m
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