BELO HORIZONTE, Brazil, May 03, 2022 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) is pleased to announce an increase in its 2022 and 2023 guidance, previously published on January 10, 20221. The new 2022 guidance provides for sales of 1,000,000 tonnes of Verde’s multinutrient potassium products, BAKS® and K Forte® sold internationally as Super Greensand® (the “Product”), with revenue of C$109.09 million, EBITDA of C$49.06 million and net earnings per share (“EPS”) of C$0.87. The 2023 guidance provides for sales of 2,000,000 tonnes.
The original target for 2022 was for sales of 700,000 tonnes of Product, with revenue of $72.26 million, EBITDA of $28.43 million, EPS of $0.50. The original target for 2023 was for sales of 1,400,000 tonnes of Product. If achieved, the new revenue target for 2022 will represent a Year-on-Year (“YoY”) growth of 294%.
The Company’s revised full year 2022 guidance is compared to the original targets and the 2021 results, as follows:
|2021 Results||2022 Guidance|
|Guidance||Published March 22, 20222||Original January 10, 2022||Revised May 03, 2022|
The detailed quarterly targets will be updated along with Q1 2022 results, to be released on May 16, 2021.
For 2023, Verde’s updated sales volume target is 2,000,000 tonnes. This target represents a potential 100% growth Year-on-Year (“YoY”).
|Guidance||Original January 10, 2022||Revised May 03, 2022|
|Sales target (tonnes)||1,400,000||2,000,000|
On April 26, 2022, Verde announced the launch of Bio Revolution, a new technology that enables the incorporation of microorganisms to its Product.4 Verde is the first company to commercialize a fertilizer with added microorganisms. As part of the Fourth Agricultural Revolution, microorganisms are seen as a vital component in boosting plant productivity. Bio Revolution will reduce costs for farmers by sustainably increasing the productivity and profitability. Given Verde’s first mover advantage, the Company is working to become world leader at offering a cost-efficient platform for adding microorganisms to agriculture.
CALL WITH CRISTIANO VELOSO, FOUNDER AND CEO
Cristiano Veloso will host a call on Monday, May 09, 2022, at 10:00 am Eastern Time, to discuss Verde in general and, more specifically, the role of the Company’s new Bio Revolution technology to the Fourth Agricultural Revolution. The call will be held on Twitter Spaces. Subscribe and join the Space using the link below:
ABOUT VERDE AGRITECH
Verde is an agricultural technology company that produces potash fertilizers. Our purpose is to improve the health of all people and the planet. Rooting our solutions in nature, we make agriculture healthier, more productive, and profitable.
Verde is a fully integrated company, from the mining and processing its main feedstock from its 100% owned mineral properties, to the Product sales processes, which also includes direct technical advice for farmers, and distribution.
Verde’s focus on research and development has resulted in one patent and eight patents pending. Among its proprietary technologies are Cambridge Tech, 3D Alliance, MicroS Technology, N Keeper, and Bio Revolution.5 Currently, the Company is fully licensed to produce up to 2.8 million tonnes per year of its multinutrient potassium fertilizers K Forte® and BAKS®, sold internationally as Super Greensand®.6 By the end of 2022, it plans to become Brazil’s largest potash producer by capacity.7 Verde has a combined measured and indicated mineral resource of 1.47 billion tonnes at 9.28% K2O and an inferred mineral resource of 1.85 billion tonnes at 8.60% K2O (using a 7.5% K2O cut-off grade).8 This amounts to 295.70 million tonnes of potash in K2O. For context, in 2021 Brazil’s total consumption of potash in K2O was 7.92 million.9
Brazil ranks second in global potash demand and is its single largest importer, currently depending on external sources for over 96% of its potash needs. In 2021, potash accounted for approximately 2% of all Brazilian imports by dollar value.
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The last edition of the newsletter can be accessed at: https://bit.ly/InvestorsNL-March2022
CAUTIONARY LANGUAGE AND FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. The Cautionary Language and Forward-Looking Statements can be accessed at this link.
For additional information please contact:
Cristiano Veloso, Founder, Chairman & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: [email protected]
1 See the release at: https://investor.verde.ag/verde-announces-2022-guidance-and-two-year-outlook/
2 See the release at: https://investor.verde.ag/verdes-q4-sales-by-volume-grow-137-driving-2021-net-profit-growth-to-540/
3 Before non-cash events.
4 See the release at: https://investor.verde.ag/verde-launches-bio-revolution/
5 Learn more about our technologies: https://verde.docsend.com/view/yvthnpuv8jx6g4r9
6 See the release at: https://investor.verde.ag/2-5-million-tonnes-per-year-potash-mining-concession-granted-to-verde/
7 See the release at: https://investor.verde.ag/verde-to-reach-3-million-tonnes-potash-production-capacity-in-2022/
8 As per the National Instrument 43-101 Standards of Disclosure for Mineral Projects within Canada (“NI 43 -101”), filed on SEDAR in 2017. See the Pre-Feasibility Study at: https://investor.verde.ag/wp-content/uploads/2021/01/NI-43-101-Pre-Feasibility-Technical-Report-Cerrado-Verde-Project.pdf
9 Union of the Agricultural Fertilizers and Correctives Industry, in the State of São Paulo (“SIACESP”, from Sindicato da Indústria de Fertilizantes e Corretivos Agropecuários, no Estado de São Paulo).