Verde AgriTech PLC (TSE:NPK) (OTCMKTS:AMHPF), a multi-nutrient potassium fertilizer producer, posted third-quarter results before the bell Thursday that revealed an uptick in fertilizer sales.
The Brazil-based company produced 52,111 tons and sold 62,855 tons of its K Forte brand product in the third quarter, up from 33,760 tons and 23,625 tons, respectively, in the second quarter.
Verde saw revenue of nearly C$3.1 million in the period and posted a gross profit of C$1.6 million.
Overall, the company said it does not expect to reach its sales goal of 200,000 tons in 2019 and now estimates total sales of 110,000 tons, good for C$5.3 million in revenue.
In 2020, the company revised its sales target to C$10.6 million. In total, Verde is fully committed to producing 149,800 tons per year and has applications pending for an additional 333,000 tons per year.
Verde also issued an update on its recent developments, which included being granted an environmental license in August for a new plant, which it plans to build adjacent to one of its mining pits. The new plant is ultimately expected to produce 890,000 tons of product per year.
In July, the company received mining permits for two other pits.
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