Food Supply Company Makes $53 Million in July
Source: Streetwise Reports
August 25, 2023 (Investorideas.com Newswire) Sadot Group Inc. has made topline revenue of $53 million. Read on to see what analysts predict for this company on the rise.
Sadot Group Inc. (SDOT:NASDAQ) announced that it has achieved top-line revenue of over US$53 million for the month of July 2023. This announcement marks the ninth consecutive month in which top-line revenue has exceeded US$45 million and comes on the heels of the company's first-ever profitable quarter. Sadot is an emerging player in the global food supply chain sector.
According to Michael Roper, the CEO of Sadot Group, "Since our pivot to the global agri-foods sector nine months ago, our Company has undergone substantial changes in all facets of our business, including operational verticals, business strategy, and geographical areas of operations. July's top-line results underscore the continuing performance of this strategy. In August, we will be adding our first trades from our newly formed subsidiary, Sadot Latam LLC."
Earlier in July, the company announced that it changed the company name from Muscle Maker Inc. to the Sadot Group Inc. The company trades under the symbol SDOT on Nasdaq.
The unaudited financial results included in this press release are based on information available as of July 31, 2023, and management's initial review of operations and financial results as of that date.
They remain subject to change based on the completion of the company's customary quarterly financial closing and review procedures and are forward-looking statements.
The company assumes no obligation to update these statements except as may be required by law. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in the company's annual and quarterly filings with the Securities and Exchange Commission (SEC). Further, the company's independent auditor has not reviewed or performed any procedures on the preliminary, unaudited financial results.
Food Prices Running High
Food prices are still above pre-pandemic prices. According to Rick Mills with Ahead of the Herd, last April, the United Nations (UN) World Price Index rose for the first time this year, especially prices for sugar, meat, and rice.
This rise in food prices has been driven in part by the conflict in Ukraine, which has disrupted agricultural exports and inflationary pressures. Rising input costs and extreme weather have also been a factor.
As a result, Nestle, one of the world's largest food companies, has stated that its prices will continue to rise.
A Future of Growth
Sadot LLC and its parent company, Sadot Group Inc., have a record of bringing in impressive revenue. Analyst Rob Goldman predicts that "Sadot Group will first generate a profit in 2024 of an estimated US$14.6 million.
Goldman forecasts full-year 2024 (FY24) revenue to be US$1.05 billion with US$13.9 million of it coming from the restaurant-related business."
Ownership and Share Structure
Insiders own 4.33% of the company. Joey Giamichael owns 3.52% with 1.62 million shares, Kevin James Mohan owns 0.41% with 0.19 million shares, and Michael John Roper owns 0.40% with 0.18 million shares.
Institutions own 34.9% of the company. AGGIA LLC FZ owns 27.10% with 12.49 million shares, Catalytic Holdings LLC owns 2.45% with 1.13 million shares, Thoroughbred Diagnostics LLC owns 2.12% with 0.98 million shares, The Vanguard Group, Inc. owns 1.65% with 0.76 million shares, Geode Capital Management LLC owns 0.77% with 0.35 million shares, Walleye Capital LLC owns 0.44% with 0.20 million shares, and BNY Mellon Asset Management owns 0.37% with 0.17 million shares.
There are 46.1 million shares outstanding, with 28.76 million free float traded shares. The company has a market cap of US$50.71 million. It trades in the 52-week period between US$0.30 and US$1.60.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/