Forafric Global PLC reports developments in a vertically integrated agribusiness focused on wheat milling and food products in Morocco and Sub-Saharan Africa. The company produces flour and semolina, along with secondary processing products such as pasta and couscous, and exports to more than 45 countries.
Recurring AFRI news includes soft wheat crushing volumes, milling capacity, procurement and inventory updates, and completed expansion activity such as the SIMS mill acquisition in Marrakesh. Company updates also cover balance-sheet initiatives, capital-structure matters, Nasdaq compliance, shareholder voting, and board or executive governance changes.
Forafric Global PLC (NASDAQ: AFRI) reports record high crushing volume, processing over 276,000 Metric Tons of soft wheat in Morocco for H1 2022. Excluding new capacity, volumes reached 241,000 MT, a 9% increase from last year and 38% from pre-COVID 2019 levels. The company maintains 2.5 to 3 months of inventory, showcasing its robust supply chain management amid global market instability, especially due to the Ukraine conflict. Forafric aims to expand its capacity and footprint in Morocco and Africa to enhance food security.
Forafric Global PLC (NASDAQ: AFRI) has announced a significant partnership with Alapala Foreign Trade LLC to expand its milling operations in Morocco. The agreement involves upgrading three existing mills and constructing three new mills, anticipated to boost wheat and durum processing capacity by 2,370 metric tons per day within 30 months. The total investment for this expansion is approximately one billion Moroccan Dirhams (about US$101 million). The initiative aims to enhance production and strengthen Forafric's market presence in Morocco and Sub-Saharan Africa.