(Alliance News) - Harvest Minerals Ltd on Tuesday said sales volume doubled in 2022, with a strong sales pipeline in place for 2023.
The fertiliser producer with operations in Brazil reported total fertiliser sales volume for 2022 of 172,000 tonnes, doubling from 85,030 tonnes in 2021. The company said 150,422 tonnes of its KP Fertil product were invoiced and delivered in 2022, up from 84,135 tonnes the year prior.
In the fourth quarter, Harvest Mineral invoiced sales of 56,212 tonnes, doubling from 26,419 tonnes a year ago. The company noted that the majority of sales were made to coffee, soybean and maize growers near the Arapua fertiliser project in Brazil.
Harvest Minerals said it is aiming for invoiced sales of 200,000 tonnes in 2023, up 33% from 2022's figures. Its target is based on continuing discussions with existing and potential customers, as well as the strength of the Brazilian agriculture sector.
Chair Brian McMaster said: "Given the rate of our continued growth, we fast-tracked our expansion plans, including the development of our product storage and drying capacity area, and accordingly we are now ideally positioned to supply even more product to the rapidly growing market in 2023 and beyond."
To support its rising sales volume, and streamline its operation, the company said it doubled the capacity of its product storage and drying area from 30,000 tonnes to 60,000 tonnes.
"Our growth is due to a number of factors, notably, as clients progressively recognise the benefits of using KP Fertil, including its quality and value, we have seen repeat/increasing orders while adding new clients to our list at a faster pace. With a high rate of client retention, continued penetration of our product, and very strong end to the year, we have high hopes for 2023," McMaster said.
Harvest Minerals shares were trading 0.7% higher at 7.70 pence per share on Tuesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Harvest Mi (di) (HMI)