MINNEAPOLIS, MINNESOTA, US — Ceres Global Ag's positive financial progress continued in fiscal 2024 with $9.4 million in net income, equal to 30¢ per share on the common stock, from revenues of $920 million, compared to a loss of $7.9 million on $1 billion in revenue in 2023.

In its Sept. 13 earnings report, Ceres said its gross profit for 2024 was $35.2 million, the second-best year in the company’s history and up from $22.7 million in 2023, for the 12-month period ended June 30. Income from operations was $16.8 million, climbing from a loss of $2.7 million the previous year.

“At the onset of the year, we committed to building on the progress from fiscal year 2023 and executing our core strategies,” said Carlos Paz, president and chief executive officer of Ceres. “Achieving our second-best fiscal year performance in Ceres’ history is a testament to the success of remaining focused on effective trading, improving efficiencies across our joint ventures and network of assets, and capitalizing on synergies across our network of partners.”

The fourth quarter also showed signs of growth for Ceres, with $209 million in revenue for the final three months of the 2024 fiscal year, compared with $205.6 million in 2023. While net income was a loss of $501,000, that improved on a loss of $2.5 million in 2023.

Paz credited Ceres’ regenerative agriculture program for putting the company in position to support its partners and build on the company’s positive financial momentum.

“Our regenerative agriculture program has grown significantly over the past year, with enrolled acres increasing more than sixfold compared to last year,” Paz said. “We also retained 100% of our grower partners and added two new milling partners. The collaborations we established with Miller Milling, Grupo Trimex and Lavie Bio this year exemplify our ability to drive the adoption of regenerative agriculture practices for our partners, positioning us for continued growth in the years ahead.”

Looking ahead, Paz noted mild weather in Canada and the United States pointing to crops that will be above average. He said Ceres is well-positioned to fully utilize storage and volume throughput across its network and maximize the value of the potential bumper harvest. 

“As we move forward, Ceres will continue to evaluate its asset network to ensure peak efficiency and optimal performance,” Paz said. “We remain optimistic about the growth of our regenerative agriculture programs and strategic partnerships. Our focus will be on sustaining this year’s momentum by executing our core strategies and providing value to our shareholders in fiscal 2025.”