Verde AgriTech faces significant revenue decline in 2024

Verde AgriTech Ltd has announced its financial results for the fourth quarter and full year of 2024. The company reported a significant revenue drop of 43% compared to the previous year, largely due to falling potassium chloride prices and farmers' limited cash flow. Verde's net loss for the year was $12.6 million, compared to a loss of $6 million in 2023. The loss per share worsened from $0.11 to $0.24. Despite the challenges, the company managed to increase sales of premium products. The agricultural sector in Brazil has faced severe difficulties over the past year. Many farmers have sought insolvency protection due to high debt levels and unfavorable economic conditions. The company's CEO, Cristiano Veloso, noted that 2023/24 has been one of the toughest periods for Brazilian agriculture. Verde has taken steps to improve its financial position. The company successfully renegotiated loans with major creditors, which has helped extend payment terms and reduce interest rates. This restructuring is expected to save the company around R$115 million over the next two years. Looking towards 2025, Verde sees signs of recovery in the agricultural sector. Improved commodity prices and better climate conditions are creating hopeful market conditions. The company aims to adapt and benefit from the potential rebound in profitability among Brazilian farmers. Verde emphasizes its commitment to sustainable agriculture by developing eco-friendly fertilizers. The company aims to increase productivity while addressing environmental challenges, including climate change and food security.