- Plant-based foods investment company Eat Well Investment Group Inc. recently released its Q2 financial report for its Belle Pulses subsidiary, showing record growth in key market segments
- Belle Pulses’ revenues grew 6.8 percent YOY to $15.17 million
- The company’s gross profit grew by 59.6 percent to $2 million
- Belle’s net earnings grew a whopping 295.8 percent YOY to $1.37 million
- Belle Pulses is 100 percent owned by Eat Well, along with plant-based snack food developer Sapientia
- Sapientia and Eat Well’s other subsidiary, baby food maker Amara, are poised to increase distribution outlets as their profiles grow
Eat Well Investment Group (CSE: EWG) (OTC: EWGFF), a plant-based foods investment company with an international supply chain, is reporting strategic successes that have boosted its Q2 revenues, gross profits and net earnings to record levels for subsidiary Belle Pulses Ltd.
Belle Pulses produces inexpensive, plant-based protein — using peas as a key ingredient in noodles, pastas, ice creams, non-dairy milk, plant-based meats, soups, sauces, crackers, nutrition bars and other baked goods for a number of countries in the developing world as well as in the United States.
The proteins serve markets for both human and pet consumers, and the company reported earlier this year that several of Belle Pulses’ major customers had increased their orders with the company.
Belle’s revenues for the quarter ended May 31 at nearly $15.2 million, up from $14.2 million for the period a year earlier as COVID’s impact on the economy settled, according to the company’s Aug. 2 news release (https://ibn.fm/ZcmDq). The revenue growth represents a 6.8 percent increase YOY.
“Belle Pulses’ performance is exceeding expectations, and we remain very pleased with the growth rate and strong ability to execute from Tony and Francis Gaudet as they continue to lead Belle Pulses,” Eat Well President and CEO Marc Aneed stated. “Food security has become a major concern around the world. From severe weather to disrupted supply chains, and global conflicts … real food, right now, is what the world needs, and that’s what Eat Well’s portfolio companies are supplying every week.”
Eat Well’s portfolio companies include Sapientia, which is developing plant-based snacks to supplement the options available to the food industry, and Amara, which has a proprietary IP for plant-based baby and toddler foods.
Amara is one of the fastest growing baby food brands in the United States and has doubled its distribution footprint from 28 to 56 clubs while increasing its e-commerce performance 76 percent from Q1 to Q2, according to the company.
Sapientia is poised to increase distribution of its products through 350 to 550 new convenience stores in Q3 over the current 350 C-store outlets, and is launching research and development of pet treats and “kid household” snacks.
But Belle was the star player during the second quarter, not only increasing revenues but also boosting its gross profits 59.6 percent to a record $2 million and its net earnings by 295.8 percent to a record of nearly $1.4 million.
Much of the increase was likely attributable to market pressures from reduced yields resulting from Europe’s international conflict, drought and other climate change effects, and inflationary issues, the company stated.
Belle Pulses is distributed in 35 countries and its Saskatchewan base is one of three places in the world where pulses are made, with Ukraine’s under-siege status putting one of the others under a significant threat and political tensions with China creating a potential challenge in the third.
“So Belle is fielding calls from around the world,” Aneed said earlier this summer.
For more information, visit the company’s website at www.EatWellGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to EWGFF are available in the company’s newsroom at https://ibn.fm/EWGFF
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