(Alliance News) - Harvest Minerals Ltd shares rose more than 10% after it said on Thursday that first quarter sales of its KP Fertil product were "strong".
Fertiliser producer Harvest Minerals said that sales of KP Fertil, a fertiliser produced at its Arapua project in Brazil, were more than 10% higher than its budget of 8,000 tonnes, reaching 8,872 tonnes sold. The 8,000 tonne sales milestone represents a 166% increase in total tonnage compared to the first quarter of 2020, it noted.
Shares in Harvest Minerals were up 11% to 3.10 pence in London on Thursday after the announcement. The stock hit an intraday high of 3.49p, just short of its 52-week peak of 4.05p.
"The 8,872 tonnes sold in the period represents a significant increase compared to the first quarter of 2020 and an increase on current budget. We have built a solid platform over the past two years from which to deliver increased growth," commented Chair Brian McMaster.
Harvest Minerals said it was optimistic on sales for the remainder of the year due to more than 80% of total sales typically being placed in the second half of the year because of seasonality.
The London-headquartered firm also announced new marketing campaigns for coffee, sugarcane, and other crops to be launched in May and an expanded sales team and new target regions planned for the second quarter.
"We are very pleased with our sales performance over the first quarter of the year, especially during these challenging times as the pandemic continues to impact the lives and overall economic activity within the regions in which we operate," said McMaster.
"Thankfully, Brazil's agribusiness continues to show why it is considered by many as the breadbasket of the world and the prospects are remaining very favourable."
By Will Paige; willpaige@alliancenews.com
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