Global Food and Ingredients Ltd. Reports Solid Growth in Third Quarter of 2024

Global Food and Ingredients Ltd. (GFI), based in Toronto, revealed its financial results for the third quarter ending December 31, 2023. Despite the challenges of a high interest rate environment, the company achieved revenue of 36, 9 million, marking a slight decline from the previous year, mainly due to lower sales of pea protein input. However, a shift towards higher margin product lines has enabled a notable increase in profitability.

A significant growth of 36.2% in split pea sales was recorded, setting a new record at $3.3 million for the quarter. Gross margin improved by 20.4%, reaching $2.8 million, and pre-tax profit stood at $103 thousand, highlighting effective management and a strategy focused on high value-added segments . Furthermore, EBITDA reached $1.3 million, reflecting a substantial improvement compared to previous periods.

GFI also announced strategic investments in its pet food division, including a $3.45 million equity infusion and a new credit facility, demonstrating its commitment to continued growth and expansion. These strategic moves position GFI to take advantage of organic and inorganic opportunities in the market, despite mixed market conditions in the first half.