Forafric Global

Demand for flour is stable, yet results are driven by wheat price cycles, import calendars and subsidy policies.

Revenue fell from 274.2 million dollars in 2024 to 176.5 million dollars in 2025; operating income turned negative, interest costs were high, and free cash flow slipped below zero in 2025 after being positive in 2023 and 2024. Seasonality is explicit due to Morocco’s import windows.

A potential divestiture of the core Moroccan milling subsidiary adds model uncertainty.