Harvest Minerals Ltd on Thursday reported a surge in interim revenue as KP Fertil fertilizer sales rose, already exceeding the 2022 sales target.
Shares were down 17% at 7.60 pence each on Thursday morning in London.
For the six months that ended on June 30, the London-based fertiliser producer said revenue jumped to $2.7 million, from $790,224 a year ago.
Harvest Minerals said it sold 35,014 tonnes of its KP Fertil, up significantly from 16,812 a year ago. KP Fertil is an organic, multi-nutrient, direct application fertiliser.
Pretax loss narrowed to $883,556 from $1.2 million. It booked a gain on sale of motor vehicles of $8,185, compared to none a year ago.
Consultants’ fee dropped to $52,383 from $184,228.
Separately, Harvest Minerals said its 2022 full year sales order target of 150,000 tonnes has already been exceeded. Year-to-date sales orders totalled 153,074 tonnes, compared to 74,159 tonnes year-on-year.
Chair Brian McMaster said: ‘As we have described previously, Harvest is having its breakout year. We have already exceeded our 2022 sales orders target of 150,00 tonnes of KP Fertil. The increased demand for fertilisers is unlikely to abate as the world focuses on feeding its growing population, projected to top 8 billion later this year, while the war between Russia and Ukraine, two of the world’s biggest exporters of fertiliser, has added further strain to the market.’
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