Executive Summary / Key Takeaways

• Forafric Global PLC (NASDAQ:AFRI) is undergoing a critical strategic realignment, divesting non-core assets to sharpen its focus on the high-growth Moroccan soft wheat market and stabilize its balance sheet.
• The company, a leader in Moroccan wheat milling, faces immediate liquidity challenges, evidenced by significant operating losses in 2024 and a recent lender demand, necessitating successful asset sales and additional financing.
• AFRI leverages strong regional brands like MayMouna and Tria, coupled with extensive operational expertise and quality control processes, to maintain a competitive edge in its core markets.
• Long-term growth is underpinned by robust African demographic trends and increasing urbanization, driving demand for staple food products, which aligns with Forafric's refined strategic focus.
• Key risks include commodity price volatility, dependence on a related-party supplier, and the successful execution of its divestment and financing plans to address the "going concern" uncertainty.

The Reshaping of an African Staples Leader

Forafric Global PLC stands as a deeply integrated player in the vital agricultural commodities sector, specializing in the purchase, storage, processing, and sale of essential food products like flour, semolina, pasta, and couscous. With operations primarily rooted in Morocco and extending into West Africa, the company serves wholesale food manufacturers and distributors across approximately 45 countries in Europe, Asia, Africa, and the Middle East. This extensive reach is built upon a rich history, tracing back to the 1923 establishment of the Tria Group and the 1943 founding of Forafric Maymouna, two Moroccan family businesses that eventually consolidated to form the current entity. This historical foundation has instilled deep market knowledge and strong brand recognition, particularly for its flagship brands, MayMouna and Tria, which are household names in Morocco.

The company is currently undergoing a significant strategic pivot, shifting its focus to its core Moroccan soft wheat operations and divesting non-core assets. This strategic realignment, announced in November 2024, aims to strengthen the balance sheet and improve working capital, signaling a concentrated effort to optimize its business model amidst a challenging global economic environment. 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