GrainPro announced today that its first quarter sales grew by 41% over the same period last year, from $2.7 million to $3.7 million.
The $1 million in first quarter revenue growth over the same period last year was accomplished despite inflationary pressures and global supply chain disruptions stretching from Asia to the Americas.
“From a supply chain perspective, this was our most difficult quarter ever, mirroring the experiences of so many global companies,” said Jordan Dey, GrainPro Inc CEO. “We managed to grow revenue despite key raw material shortages, port closures and limited trucking capacity globally.”
Dey attributed the continued strong demand for GrainPro solutions to growing consumer interest in safe, healthy food and the economic benefit of organic, high-quality preservation in storage and transit for farmers and exporters.
The Q1 2022 results follow an 88% year-over-year increase in sales in 2021.
GrainPro’s Africa division contributed 60% to overall global sales in the first quarter, while the Latin American, Asian and US/European divisions contributed 21%, 14% and 5% respectively.
Dey noted that continued price increases for key raw materials, as well as supply chain disruptions, will restrain sales growth in 2022.
GrainPro also announced today that Carlos Dragonetti has been promoted to Chief Financial Officer, replacing Jim Sherblom who now serves as Vice-Chairman of GrainPro’s Board of Directors. Dragonetti previously served as GrainPro’s Global Controller. His appointment was effective January 1, 2022.