- Eat Well Group’s wholly-owned subsidiary, Belle Pulses, reported record revenue, gross profit, and net earnings representing a 295.8 per cent increase amid greater global emphasis on food security
- CPG investees continue to accelerate production in order to meet demand
- Closed a strategic investment from Nurture Healthy Food LLP for gross proceeds of over C$5M
- The company’s total assets remained strong at C$59M as of May 31, 2022
- Eat Well Investment Group Inc. (EWG) is down 2.17 per cent trading at $0.22 per share as of 3:16 pm EDT
Eat Well Investment Group (EWG) has announced its second quarter 2022 financial results.
Highlights include record revenue, gross profit, and net earnings of its wholly-owned portfolio company Belle Pulses Ltd.
Eat Well Group highlights: (Incl. Subsequent Events)
- Closed a strategic investment from Nurture Healthy Food LLP – a wholly owned subsidiary of Nurture Capital LLC – for gross proceeds of $5,017,999.50.
- Resumed its normal course issuer bid (NCIB) for up to 7,686,777 common shares in the capital of the company.
- Completed its final payment of US$840,000 to Sapientia Technology, satisfying all outstanding payment obligations in connection with the acquisition of Sapientia.
- The company’s total assets remained strong at $59,407,542 as of May 31, 2022.
Eat Well Group Portfolio highlights:
- Belle Pulses (100 per cent-owned by Eat Well Group) recorded record revenue of $15,176,692 for the three months ended May 31, 2022, compared to $14,214,467 for the same period in 2021, representing a 6.8 per cent increase in revenue. The improvement was driven primarily by the normalizing of market dynamics post-COVID-19 across both human and pet food sectors
- Belle Pulses recorded record gross profit of $2,032,199 for the three months ended May 31, 2022, compared to $1,273,675 for the same period in 2021, representing a 59.6 per cent increase in gross profit. The increase in gross profit was driven primarily by continued product mix favoring higher margin items on emerging products and pricing favourability on certain pea varieties
- Belle Pulses achieved record net earnings of $1,370,279 for the three months ended May 31, 2022, compared to $346,182 for the same period in 2021, representing a 295.8 per cent increase.
- Management believes that the reduced yields from severe droughts in Europe, global conflict, climate change, and increased price parity of plant-based foods during global inflation are the beginning of Belle Pulses’ record performance
Eat Well Group is a publicly traded investment company primarily focused on high-growth companies in the agribusiness, food tech, plant-based, and Environmental, Social, and Governance (ESG) sectors.
Eat Well Investment Group Inc. (EWG) is down 2.17 per cent trading at $0.22 per share as of 3:16 pm EDT.
