REGINA, SASKATCHEWAN, CANADA — AGT Food and Ingredients Inc. (AGT) announced on Nov. 9 that earnings for the third quarter were C$23.2 million or 51¢ per share, up 9% from C$21.1 million or 46¢ in the same period of last year.

Sales for the third quarter were C$259,479,000, up 31% from C$198,027,000.

“This has been a consistent quarter for AGT, one that has shown the strengths we have developed in our business,” said Murad Al-Katib, president and chief executive officer of AGT.  “We are pleased with our volumes, sales programs and the operations of our facilities overall, with a significant amount of product moving through our system in all of our segments.”

Pulses and grain processing sector’s EBITDA was C$17,229,000, up 10.2% from C$15,624,000 in the same period as last year. 

“A positive harvest is complete in North America with significant production and good quality that is destined for key consumption markets to fill import demand not filled earlier in the year,” said Al-Katib. 

Trading and distribution sector earned C$589,000, down 45% from C$1,083,000.

“We expect a strong traditional shipping period through the end of 2015 and into 2016, with India and Turkey expected to be strong markets for AGT’s products,” said Al-Katib. “Our new acquisitions for bulk handling, rail and transportation are expected to be integrated in the last quarter of 2015 and provide immediate benefit to our bulk programs with efficient and expanded transportation options, as well as return our value-added facilities back to their intended use over time.”

“These are key components to the supply of product to our customers as well as our own operations in Turkey and India,” he said. “Food ingredient sales programs continue to advance, with customers turning their focus to new products and applications, particularly for 2016 with the International Year of Pulses coming up in the new year. We are pleased with AGT’s opportunities now and our potential for future growth in the coming periods.”

Food ingredients and packaged foods segment represented 15.3% of total tonnes invoiced and 33.8% of adjusted EBITDA for the three months ended Sept. 30 compared to 16.5% of total tonnes invoiced and 27.8% of adjusted EBITDA for the third quarter.

“Our strategic growth plan has been the driver for AGT’s positive performance in these recent periods,” said Huseyin Arslan, executive chairman of AGT’s board of directors.  “We have maintained our focus on our advantages in origination of product, superior facilities, access to markets and efficient transportation options, all brought together with the management team to build a strong foundation for growth. We feel positively about our ability to continue the growth story for our company while at the same time growing shareholder value.”