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Forafric Global PLC

Forafric Global PLC

NASDAQ•AFRI
CEO: Mr. Saâd Bendidi
Sector: Consumer Defensive
Industry: Agricultural Farm Products
Listing Date: 2021-02-05
Forafric Global PLC engages in the purchase, storage, transport, processing, and sale of agricultural commodities and commodity products in Morocco, Burkina, Mali, Angola, and internationally. The company provides wheat flours and semolina; and secondary processing products, such as pasta and couscous under the TRIA and MayMouna brand names. It serves wholesale foods manufacturers and distributors. The company also exports its products to approximately 45 countries. Forafric Global PLC was founded in 1926 and is headquartered in Gibraltar.
Contact Information
Madison Building, Unit 5.3 Midtown Queensway, Gibraltar, GX11 1AA, Gibraltar
350-2007-2505
forafric.com
Market Cap
$270.09M
P/E (TTM)
-11.1
10.6
Dividend Yield
--
52W High
$11.42
52W Low
$7.47
52W Range
65%
Rank51Top 71.3%
3.0
F-Score
Modified Piotroski Analysis
Based on 6-year fundamentals
Weak • 3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2020-2025

Financial Dashboard

Q2 2024 Data

Revenue

$82.62M+13.48%
4-Quarter Trend

EPS

-$0.24+50.00%
4-Quarter Trend

FCF

$6.41M+93.85%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Drops 9.2% Continuing operations revenue fell 9.2% to $274.2 M USD, primarily due to decreased crushed volume in soft and durum wheat.
Gross Profit Contracts Slightly Gross profit decreased 4.2% to $27.3 M USD for 2024, attributed mainly to the overall decrease in total sales figures year over year.
SG&A Expenses Rise Sharply Selling, general, and administrative expenses increased 28.6% to $35.1 M USD, largely driven by a $5.0 M impairment of other assets.
Cash Reserves Significantly Reduced Cash and cash equivalents decreased 49.0% to $12.2 M USD by year-end 2024, mainly due to repayment of financial debt on wheat inventory.

Risk Factors

Going Concern Doubt Raised Recurring operating losses and insufficient cash raise substantial doubt about ability to continue operations over the next twelve months.
High Raw Material Cost Exposure Wheat cost represents almost 90% of total cost, making margins highly susceptible to fluctuations outside management's control.
Liquidity Requires Immediate Action Management is actively pursuing financing and non-core asset sales to resolve liquidity uncertainties expected over the next twelve months.
Gibraltar Incorporation Limits Recourse Incorporation under Gibraltar law may limit investor ability to protect interests or enforce judgments in U.S. courts against directors.

Outlook

Strategy Focuses Morocco Soft Wheat New balance sheet strengthening strategy adopted, focusing intensely on Morocco operations and soft wheat business segments moving forward.
Non-Core Asset Divestitures Planned Divesting non-core assets outside Morocco and durum wheat businesses to strengthen balance sheet and improve working capital position.
Asset Sales Expected May 2025 Expecting completion of logistics subsidiary sale ($10.0 M) and durum mill asset sale ($19.0 M) by May 31, 2025.
No Dividends Expected Foreseeably Will retain all available funds and future earnings to fund business development and growth; no cash dividends anticipated in foreseeable future.

Peer Comparison

Revenue (TTM)

Nature's Sunshine Products, Inc.NATR
$474.54M
+6.6%
BRC Inc.BRCC
$391.40M
-3.4%
Forafric Global PLCAFRI
$325.10M
+15.9%

Gross Margin (Latest Quarter)

Nature's Sunshine Products, Inc.NATR
73.3%
+1.9pp
The Beauty Health CompanySKIN
64.6%
+13.0pp
BRC Inc.BRCC
36.9%
-5.2pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NATR$431.62M28.89.5%5.4%
ALCO$314.92M-2.1-100.4%1.4%
BRCC$296.17M-6.7-54.3%28.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.1%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 30, 2025|
    Revenue: $274.22M-10.2%
    |
    EPS: $-0.90-91.5%
    N/A

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 30, 2024|
    Revenue: $305.48M+5.4%
    |
    EPS: $-0.47+34.7%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: May 1, 2023|
    Revenue: $289.77M+10.7%
    |
    EPS: $-0.72-84.6%
    N/A