Agriculture

Rogers’ Sugar publishes positive figures for first quarter 2022 fiscal year without audit

Consumer volume declined due to declining demand due to persistent volatility associated with COVID-19, high inventory levels at retailers early in the period, and supply chain disruptions in western Canada caused by bad weather that led to the closure railways and highways for a long period of time, which limited the supply of specialty sugar products across the country.

The volume of industry was affected by deferred customer orders caused by demand volatility associated with COVID-19. The cuts were partially offset by an increase in liquidity during the quarter, mainly due to constant demand from existing customers.

In addition, exports declined from the same quarter last year, as the first quarter of last year included a one-time opportunistic quota under the United States-ratified Canadian agreement with Mexico (“CUSMA”).

Roger Sugar has two operating and reporting segments, namely sugar and maple products. The main activity of the sugar segment is the processing, packaging and marketing of sugar products, primarily from sugar beets in Taber, Alta, while the maple products segment processes pure maple syrup and related maple products. The two segments are managed separately as they require different technologies and capital resources.

Mike Walton, president and CEO of Rogers and Lantic Inc., admits that the company has experienced high volatility in customer demand and experienced unforeseen events that affected the supply chain in Western Canada in the last few weeks of the quarter, resulting in delays. in both business segments of the company. However, Walton says the company is looking ahead.

“We remain positive about our financial forecasts for 2022 as we continue to increase gross margins, especially in our sugar segment, and a stable volume forecast for both our segments for the rest of the year. We are also pleased with the progress made in processing the current beet harvest in Alberta, and we expect production to be in line with expectations, for the first time in three years. ”

The full EBITDA (earnings before interest, taxes, depreciation and amortization) can be viewed here.

Rogers has been bringing high-sugar products to the Canadian market and has been operating since 1888.

Lantic, a wholly owned subsidiary, operates cane sugar processing plants in Montreal, Ke. and Vancouver, British Columbia, and the only Canadian sugar beet processing plant in Taber, Alto. Lantic sugar products are sold under the Lantic brand in Eastern Canada and the Rogers brand in Western Canada and include granulated sugar, icing, sugar cubes, yellow and brown sugar, liquid sugar and special syrups. We also work in a special mixing and packaging as well as distribution center in Toronto, Ontario.

Maple Treat operates bottling plants in Granby, Degelis and in Saint-Honore de Chanley, Ke. and in Websterville, Vt. Maple Treat, products include maple syrup and products derived from maple syrup, which are sold under private labels in more than fifty countries and sold under various brands such as TMTC, Uncle Luke’s, Great Northern, Decacer and Highland Sugarworks.

The business has two different segments: sugar – which includes refined sugar and by-products and maple – which includes maple syrup and maple products.



https://farmnewsnow.com/2022/02/14/rogers-sugar-posts-positive-numbers-for-its-unaudited-first-quarter-of-fiscal-2022/ Rogers’ Sugar publishes positive figures for first quarter 2022 fiscal year without audit

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