Ceres Global Ag Corp. (TSX: CRP) announced this morning its fiscal Q1 2021 financial results ended September 30, 2021, which saw the company post US$208.4 million in revenue. This is an increase from Q1 2020’s revenue of US$172.1 million.
“Diversification over the past few years, relentless focus on our customers, and our ability to successfully navigate through a generational drought and volatile grain markets contributed to our strongest quarter on record,” said Ceres Global CEO Robert Day.
The agricultural firm saw its gross margin increase to 11.5% from last year’s 2.2%. Further down, the firm ended with a net income of US$8.8 million compared to a net loss of US$0.9 million for the same comparable period last year. The quarterly income translates to US$0.27 earnings per diluted share.
On the other hand, EBITDA for the quarter increased to US$15.4 million from US$1.6 million last year.
The firm ended the quarter with US$1.5 million in cash compared to US$4.2 million at the end of the previous quarter. The balance sheet recorded a total current assets balance of US$310.7 million, with grain inventories worth US$227.1 million taking the lion’s share. Total current liabilities balance ended at US$259.3 million.
The company is currently working on building a one million metric ton integrated canola processing facility in Northgate, Saskatchewan.
Ceres Global Ag last traded at $4.34 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.