Latest news with #NPK
News18
a day ago
- Politics
- News18
Govt school bombed in NW Pakistan
Last Updated: Peshawar, Aug 10 (PTI) Militants have blown up a government high school with an improvised explosive device in the Khyber Pakhtunkhwa province in northwest Pakistan on Sunday, official sources said. The blast caused severe damage to the building, destroying several classrooms and the boundary wall of the school in Karabagh area of Bermel tehsil in South Waziristan district. No casualties were reported in the attack. According to police sources, the recent surge in unrest has created an atmosphere of fear, severely disrupting educational activities in the region. Meanwhile, the Wana-Azam Warsak highway has been significantly affected, as militants recently destroyed three bridges with explosives, causing major difficulties for the public. Local residents have expressed deep concern over the incident and demanded that the government launch an immediate investigation and enhance security measures. Earlier on June 6, unknown miscreants had blown up a government high school building using explosives in Akbari village in the jurisdiction of the Gul Imam police station in Tank district. Several rooms of the school collapsed due to the explosion. Splinter groups of the banned Tehreek-e-Taliban Pakistan (TTP), active in Tank district, are against girls' education and usually target their schools. According to data collected by local NGOs, over 450 schools in the province have been destroyed in such attacks over the last decade (2015-2025), forcing students to either stop attending schools or attend classes next to ruined buildings or the rubble. Pakistan witnessed multiple attacks on girls' schools until 2019, especially in the Swat Valley and elsewhere in the northwest, where the Pakistani Taliban long controlled the former tribal regions. In 2012, the insurgents attacked Malala Yousafzai, a teenage student and advocate for the education of girls, who later went on to win the Nobel Peace Prize. PTI AYZ NPK NPK view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Yahoo
3 days ago
- Business
- Yahoo
Verde Announces Q2 2025 Earnings Results
SINGAPORE, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Verde AgriTech Ltd (TSX: 'NPK') ("Verde' or the 'Company') announces its financial results for the period ended June 30, 2025 ('Q2 2025'). All figures are in Canadian dollars, unless stated otherwise. Average exchange rate in Q2 2025: C$1.00 = R$4.08. Q2 2025 HIGHLIGHTS Operational and Financial Highlights Verde's sales volume in Q2 2025 was 80,354 tons; a 6% reduction compared to Q2 2024, which generated $4.8 million in revenue during the quarter. Gross margin excluding freight was 58% during the quarter, compared to Q2 2024 gross margin of 55%. Sales and Marketing expenses in Q2 2025 were -$0.9 million, compared to -$1.0 million in Q2 2024. Positive operating cash inflow of $0.2 million was recorded during the quarter, compared to -$0.3 million cash outflow in Q2 2024. EBITDA before non-cash events was -$0.2 million in Q2 2025, compared to nil in Q2 2024. Net loss in Q2 2025 was -$2.4 million, compared to a -$2.6 million loss in Q2 2024. Cash of $2.4 million in Q2 2025 compared to $2.7 million in Q2 2024. Short-term receivables in the quarter were $8.2 million compared to $12.8 million in Q2 2024. The Company successfully completed the renegotiation of short-term and long-term loans in Q2 2025, with approximately 99.5% of loans classified as long-term versus 19.8% prior to the renegotiation. Short-term loans totaled $0.2 million in the quarter, compared to $22.9 million in Q2 2024. Sustainability Highlights Product sold in Q2 2025 has the potential to capture up to 9,640 tons of carbon dioxide ('CO2') from the atmosphere via Enhanced Rock Weathering ('ERW').1 The potential net amount of carbon captured is estimated at 6,890 tons of CO2. In addition to the carbon removal potential, Q2 2025 sales avoided the emissions of 4,102 tons of CO2e, by substituting potassium chloride ('KCl') fertilizers.2 Combining the potential carbon removal and carbon emissions avoided by the use of the product since the start of production in 2018, Verde's total potential impact stands at 315,564 tons of CO2.3 6,368 tons of chloride have been prevented from being applied into soils in Q2 2025, by farmers who used the Product in lieu of KCl fertilizers.4 A total of 182,002 tons of chloride has been prevented from being applied into soil by Verde's customers since the Company started production.5 'Against a backdrop of tight credit and elevated interest rates, our team delivered a resilient second quarter,' said Cristiano Veloso, Founder and Chief Executive Officer of Verde AgriTech. 'By renegotiating more than 99 per cent of our debt into long‑term maturities, cutting unit production costs, and preserving a best‑in‑class 58 per cent gross margin (ex‑freight), we have fortified the balance sheet and protected cash flow while Brazil's farm economy cycles through unprecedented volatility.' 'At the same time, every ton we sold in Q2 puts money back in growers' pockets and carbon back in the ground. Since first production, our products have the potential to remove or avoid over 315,000 tons of CO₂ and have kept 182,000 tons of chloride out of Brazilian soils. That double dividend—higher crop productivity and climate impact—continues to differentiate Verde in the fertilizer market.' 'Looking ahead to the second half, our presence in core regions, launching tailored multi‑nutrient formulations. These priorities position Verde to capture the upside when sector demand rebounds, while creating enduring value for our customers, communities and shareholders.' Q2 2025 IN REVIEW Market Analysis In Q2 2025, Brazil's agricultural input sector continued to navigate the lingering effects of a prolonged downturn that began in 2022. High indebtedness among farmers and distributors, combined with limited access to credit and adverse market dynamics, led to cautious purchasing behavior. Many agribusinesses remain engaged in debt renegotiation processes — either judicial or informal — while suppliers across the chain have tightened credit policies and prioritized liquidity.6 Despite this challenging backdrop, certain indicators signaled a possible shift in market dynamics. Potash prices, particularly for potassium chloride (KCl), remained stable and showed a modest upward trend throughout the quarter.7 Like Verde, other players in the sector adopted measures to safeguard operations and improve resilience. Companies face a combination of climate-related delays, lower technology adoption, and farmer cost containment. Many have launched debt restructuring efforts to reduce short-term liabilities, preserve liquidity, and secure more sustainable financial terms.8 These actions reinforce a sector-wide emphasis on cost discipline, credit selectivity, and long-term stability. Verde maintained a conservative commercial strategy throughout the quarter, limiting sales exposure to higher-risk clients. Macroeconomic Conditions The macroeconomic environment in Brazil remained restrictive during Q2 2025. The SELIC rate stood at 15.00% at the end of the quarter and remained unchanged in the following month9— still among the highest real interest rates globally. These financing conditions continue to constrain credit availability for rural producers and delay investments in agricultural inputs. Projections suggest that the SELIC will remain at current levels through the end of 202510, while JP Morgan foresees it to gradually decrease to 10.75% by the end of 2026.11 Inflation forecasts for 2025 and 2026 stand at 5.10% and 4.40%12, respectively, suggesting a cautiously optimistic outlook that Brazil's macroeconomic environment may be on a path toward stabilization in the medium term. Although working capital remains tight for many farmers, especially during the critical period for purchasing inputs such as fertilizers, the industry has adapted by shifting payment terms to post-harvest settlements, typically between 9 and 12 months. This practice, while standard in the agricultural sector, requires careful management of cash flow and credit exposure across the supply chain. Global political developments involving key Brazilian trading partners, along with ongoing discussions around taxation and regulation, have introduced some uncertainty for farmers considering long-term investments. In response, many are taking a more conservative approach, prioritizing essential inputs and maintaining financial discipline. While this cautious sentiment has moderated short-term fertilizer demand, it also reflects a broader focus on operational efficiency and strategic resource allocation. As greater clarity emerges around policy and market dynamics, purchasing activity may begin to recover.13 EXTERNAL FACTORS Revenue and costs are affected by external factors including changes in the exchange rates between the C$ and R$ along with fluctuations in potassium chloride spot CFR Brazil, agricultural commodities prices, interest rates, among other factors. For further details, please refer to the Q2 2025 Year in Review section. RESULTS OF OPERATIONS The following table provides information about three months ended June 30, 2025, as compared to the three months ended June 30, 2024. All amounts in CAD $'000. All amounts in CAD $'000 3 months ended Jun 30, 2025 3 months ended Jun 30, 2024 6 months ended Jun 30, 2025 6 months ended Jun 30, 2024 Tons sold '000 80 85 128 170 Average Revenue per ton sold $$ 60 76 60 68 Average Production cost per ton sold $ (16 ) (21 ) (16 ) (21 ) Average Gross Profit per ton sold $ s 44 55 44 47 Gross Margin 73 % 72 % 73 % 70 % Revenue 4,800 6,480 7,652 11,548 Production costs(1) (1,316 ) (1,815 ) (2,073 ) (3,486 ) Gross Profit 3,484 4,665 5,579 8,062 Gross Margin 73 % 72 % 73 % 70 % Sales and marketing expenses (891 ) (979 ) (1,742 ) (1,949 ) Product delivery freight expenses (1,733 ) (2,541 ) (2,848 ) (4,137 ) General and administrative expenses (1,048 ) (1,058 ) (2,098 ) (2,414 ) Allowance for expected credit losses 6 (87 ) (507 ) (232 ) EBITDA (2) (182 ) - (1,616 ) (670 ) Share Based and Bonus Payments (Non-Cash Event)(3) (72 ) (265 ) (233 ) (2,042 ) Depreciation, Amortisation and P/L on disposal of plant and equipment (3) (772 ) (802 ) (1,546 ) (1,721 ) Operating Profit after non-cash events (1,026 ) (1,067 ) (3,395 ) (4,433 ) Interest Income/Expense (4) (1,394 ) (1,564 ) (2,802 ) (2,941 ) Net Profit before tax (2,420 ) (2,631 ) (6,197 ) (7,374 ) Income tax (5) (6 ) (8 ) (10 ) (17 ) Net Profit (2,426 ) (2,639 ) (6,207 ) (7,391 ) (1) – Non GAAP measure(2) – Included in General and Administrative expenses in financial statements (3) – Included in General and Administrative expenses and Cost of Sales in financial statements (4) – Please see Summary of Interest-Bearing Loans and Borrowings notes(5) – Please see Income Tax notes OPERATING AND FINANCIAL RESULTS Sales Performance In Q2 2025, revenue from sales declined by 6%, accompanied by a 21% decrease in the average revenue per ton compared to Q2 2024. Excluding freight expenses (FOB price), the average revenue per ton fell by 17%, primarily driven by the devaluation of the Brazilian Real by 9.2% and a reduction in sales of specialty products, which decreased from 18% to 9% of the sales mix. The shift reflects farmers' increasing preference for lower value-added products, as many continue to face restricted cash flows. Verde maintains a rigorous credit approval process for customers purchasing specialty fertilizers, due to the inclusion of third-party raw materials in these products. This more stringent evaluation helps safeguard operational continuity and mitigates risks associated with the fulfillment of purchase agreements. The Company reported a net loss of -$2.4 million in Q2 2025, compared to a net loss of -$2.6 million in Q2 2024. The result was primarily impacted by interest expenses of -$1.4 million and depreciation of -$0.8 million. The year-over-year improvement of $0.2 million was mainly due to a reduction in non-cash expenses related to stock options granted by the Company, when compared to the same period in the previous year. Basic loss per share was -$0.04 for Q2 2025, compared to a basic loss per share of -$0.05 for Q2 2024. Production Costs14 The average cost per ton decreased by 24% in Q2 2025, primarily due to renegotiated supplier contracts, a reduction in operational headcount, and an 9.2% devaluation of the Brazilian Real, alongside a lower proportion of specialty product orders compared to regular products. Production costs include all direct costs from mining, processing, and the addition of other nutrients to the Product, such as sulphur and boron. It also includes the logistics costs from the mine to the plant and related salaries. Verde's continued focus on cost reduction has allowed the company to maintain existing gross margins despite inflationary pressures, customer credit restrictions, and commodity price fluctuations. Loan Renegotiation Verde's debt restructuring — renegotiated with over 97.5% of its creditors — has significantly reduced its short-term obligations. Among total debt, 92.2% were classified as debt owed to adherent creditors and 5.3% as debt owed to non-adherent creditors. Although debt owed to non-adherent creditors only comprised a small portion of total debt, the Company experienced a significant reduction in the principal owed to this group (75%), equating to approximately R$7.0 million. The interest rate on this category of debt was also significantly reduced to the Taxa Referencial (TR)15, currently around 1.36% per year. The grace period and repayment term for debt associated with non-adherent creditors are 19 months on both principal and interest (starting from the court-approved debt renegotiation date of April 2025) and 108 months following the grace period, respectively. The terms applied to the majority (92.2%) of total debt, owed to adherent creditors, are as follows: Grace Period: 18 months on both principal and interest, starting from October 2024;16 Repayment Term: Debt to be amortized over 108 months; and Principal Repayment Schedule: 10% repaid between months 19 and 54; 30% between months 55 and 90; and 60% between months 91 and 126. Interest accrues at Certificado de Depósito Interbancário ('CDI') + 1.25% for three years and increases to CDI + 2.5% thereafter. The current split of short-term and long-term loans are as follows: Loans CAD $'000 Before renegotiation After renegotiation Short-term loans 37,953 227 Long-term loans 9,371 45,195 Total 47,324 45,472 The Company is now well positioned to weather ongoing macroeconomic volatility while preparing for a potential rebound in sector activity in H2 2025.13 Financial Position As of June 30, 2025, Verde held cash of $2.4 million, compared to $2.7 million at the end of Q2 2024. Short-term receivables recorded during the quarter were $8.2 million. The total cash and short-term receivables were $10.6 million in Q2 2025. OUTLOOK During H2 2025, the Company will focus on: Product portfolio expansion via the development of new, customer-driven fertilizer formulations, which have been designed to address evolving agronomic needs while enhancing crop productivity and sustainability. By broadening our suite of multi-nutrient solutions, we aim to deepen relationships with existing growers and distributors and, importantly, attract a wider base of new customers. Strengthening our commercial reach — leveraging the recently expanded sales team, targeted marketing initiatives, and data-driven agronomic support — to accelerate market penetration in core regions near our production hub. Advancing research on the Company's carbon project (Enhanced Rock Weathering), reinforcing our long-term vision of delivering agronomic performance alongside measurable environmental benefits. Q2 RESULTS CONFERENCE CALL The Company will host a conference call to discuss Q2 2025 results and provide an update. Subscribe using the link below and receive the conference details by email. Date: Monday, August 11, 2025 Time: 09:00 am Eastern Time Subscription link: The Company's financial statements and related notes for the period ended June 30, 2025 are available to the public on SEDAR+ at and the Company's website at ABOUT VERDE AGRITECH Verde AgriTech is dedicated to advancing sustainable agriculture through the innovation of specialty multi-nutrient potassium fertilizers. Our mission is to increase agricultural productivity, enhance soil health, and significantly contribute to environmental sustainability. Utilizing our unique position in Brazil, we harness proprietary technologies to develop solutions that not only meet the immediate needs of farmers but also address global challenges such as food security and climate change. Our commitment to carbon capture and the production of eco-friendly fertilizers underscores our vision for a future where agriculture contributes positively to the health of our planet. For more information on how we are leading the way towards sustainable agriculture and climate change mitigation in Brazil, visit our website at For additional information please contact:Cristiano Veloso, Chief Executive Officer and FounderTel: +55 (31) 3245 0205; Email: investor@ | CAUTIONARY LANGUAGE AND FORWARD-LOOKING STATEMENTS All Mineral Reserve and Mineral Resources estimates reported by the Company were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards (May 10, 2014). These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of Mineral Resources and Mineral Reserves; (ii) the estimated amount of CO2 removal potential per ton of rock; (iii) the PFS representing a viable development option for the Project; (iv) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of sustaining capital and the duration of financing payback periods; (v) the estimated amount of future production, both produced and sold; (vi) timing of disclosure for the PFS and recommendations from the Special Committee; (vii) the Company's competitive position in Brazil and demand for potash; (viii) estimates of operating costs and total costs, net cash flow, net present value and economic returns from an operating mine. (ix) the expected terms of the debt restructuring; (x) the expected financial impact of the debt restructuring to the Company; (xi) the timeline for court approval of the debt restructuring; and (xii) the potential arising from the re-assaying of certain core samples. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. All forward-looking statements are based on Verde's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but generally these assumptions include, but are not limited to: (i) the presence of and continuity of resources and reserves at the Project at estimated grades; (ii) the estimation of CO2 removal based on the chemical and mineralogical composition of assumed resources and reserves; (iii) the geotechnical and metallurgical characteristics of rock conforming to sampled results; including the quantities of water and the quality of the water that must be diverted or treated during mining operations; (iv) the capacities and durability of various machinery and equipment; (v) the availability of personnel, machinery and equipment at estimated prices and within the estimated delivery times; (vi) currency exchange rates; (vii) Super Greensand® and K Forte® sales prices, market size and exchange rate assumed; (viii) appropriate discount rates applied to the cash flows in the economic analysis; (ix) tax rates and royalty rates applicable to the proposed mining operation; (x) the availability of acceptable financing under assumed structure and costs; (xi) anticipated mining losses and dilution; (xii) reasonable contingency requirements; (xiii) success in realizing proposed operations; (xiv) receipt of permits and other regulatory approvals on acceptable terms; and (xv) the fulfilment of environmental assessment commitments and arrangements with local communities. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements, as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions, and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: risks related to the court approval process for the debt restructuring; risks relating to variations in the mineral content within the material identified as Mineral Resources and Mineral Reserves from that predicted; variations in rates of recovery and extraction; the geotechnical characteristics of the rock mined or through which infrastructure is built differing from that predicted, the quantity of water that will need to be diverted or treated during mining operations being different from what is expected to be encountered during mining operations or post-closure, or the rate of flow of the water being different; developments in world metals markets; risks relating to fluctuations in the Brazilian Real relative to the Canadian dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary workforce; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical, or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals; delays in stakeholder negotiations; changes in regulations applying to the development, operation, and closure of mining operations from what currently exists; the effects of competition in the markets in which Verde operates; operational and infrastructure risks and the additional risks described in Verde's Annual Information Form filed with SEDAR+ in Canada (available at for the year ended December 31, 2024. Verde cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Verde, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Verde does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Verde or on our behalf, except as required by law. ________________________1 The carbon capture potential of Verde's products, through Enhanced Rock Weathering (ERW), is 120 kg CO2e per ton of K Forte®. For further information, see 'Verde's Products Remove Carbon Dioxide From the Air'.2 K Forte® is a fertilizer produced in Brazil using national raw materials. Its production process has low energy consumption from renewable sources and, consequently, a low environmental and GHG emissions footprint. Whereas the high carbon footprint of KCl results from a complex production process, involving extraction, concentration, and granulation of KCl, in addition to the long transportation distances to Brazil, given that 95% of the KCl consumed in the country is imported. 12Mt of K Forte® is equivalent to 2Mt of KCl in K2O content. Emissions avoided are calculated as the difference between the weighted average emissions for KCl suppliers to produce, deliver, and apply their product in each customer's city and the emissions determined according to K Forte®'s Life Cycle Assessment for its production, delivery, and application in each customer's city.3 From 2018 to Q2 2025, the Company has sold 2.3 million tons of Product, which can potentially remove up to 251,734 tons of CO2. Additionally, this amount of Product could potentially avoid up to 63,829 tons of CO2 emissions.4 Verde's Product is a salinity and chloride-free replacement for KCl fertilizers. Potassium chloride is composed of approximately 46% of chloride, which can have biocidal effects when excessively applied to soils. According to Heide Hermary (Effects of some synthetic fertilizers on the soil ecosystem, 2007), applying 1 pound of potassium chloride to the soil is equivalent to applying 1 gallon of Clorox bleach, with regard to killing soil microorganisms. Soil microorganisms play a crucial role in agriculture by capturing and storing carbon in the soil, making a significant contribution to the global fight against climate change.5 1 ton of Product (10% K2O) has 0.1 tons of K2O, which is equivalent to 0.17 tons of potassium chloride (60% K2O), containing 0.08 tons of chloride.6 Source: Lack of Credit Challenges Brazil's Agricultural Inputs Market, AgriBrasilis, July 23, 2025. Available at: Source: Acerto Limited.8 Source: Lavoro Restructures $460 Million Debt to Secure Crop Input Supply, The AgriBiz. Available at: As of June 30, 2025. Source: Brazilian Central Bank10 As of June 30, 2025. Source: Brazilian Central Bank11 Source: J.P. Morgan, COPOM Preview, Latin America Emerging Markets Research, August 5, 2025.12 As of June 30, 2025. Source: Brazilian Central Bank13 'US sanctions could cause chaos on Latam farms run on Russian fertilizers,' Reuters, July 21, 2025. Available at: Verde's production costs and sales price are based on the following assumptions: Micronutrients added to the product increase its production cost, rendering K Forte® less expensive to produce. Production costs vary based on packaging type, with bulk being less expensive than Jumbo Bags. Plant 1 produces K Forte® Jumbo Bags and Low-Carbon Specialty Fertilizer Products, while Plant 2 exclusively produces K Forte® Bulk. Therefore, Plant 2's production costs are lower than Plant 1's costs. 15 Reference rate.16 With the exception of a symbolic monthly payment of R$100,000 from May 2025 onwards.
News18
4 days ago
- Health
- News18
Pakistan records one more polio case, tally reaches 19 for 2025
Peshawar, Aug 7 (PTI) The 19th polio case for 2025 was confirmed in Pakistan after a five-month-old child tested positive for the virus in the northwestern Province Khyber Pakhtunkhwa, officials said on Thursday. The National Institute of Health (NIH), Islamabad on Wednesday confirmed that the latest infection marks the 12th polio case in the Khyber Pakhtunkhwa and takes the total for the country to 19. The five-month-old child is from the Suleman Khel Union Council of Ghazni Khel Tehsil, Lakki Marwat district and tested positive for the virus on Wednesday, the NIH said. It was further revealed that the child had not received the routine polio immunisation and was only administered a single supplementary dose. This marks the third polio case reported from Lakki Marwat district in 2025, compared to two cases in 2024. Of the other cases, five are from Sindh province and there are one each from Punjab and Gilgit-Baltistan. A special vaccination campaign was held from July 21-27 in the bordering area of Khyber Pakhtunkhwa and Baluchistan to coincide with Afghanistan's sub-national polio campaign. Despite significant improvements in the quality of polio vaccination campaigns nationwide, the southern districts of Khyber Pakhtunkhwa remained a key area of concern due to restricted access, lack of female vaccinators and operational challenges in conducting house-to-house vaccination, according to the polio programme. Pakistan and Afghanistan are the only two countries where polio remained endemic, according to the World Health Organisation. Pakistan reported six cases in 2023 and only one in 2021, however, the country witnessed an intense resurgence of the poliovirus in 2024, with 74 cases reported. Efforts to eradicate the virus have been repeatedly undermined by vaccine misinformation and resistance from some religious hard-liners who claimed that immunisation is a foreign plot to sterilize Muslim children or a cover for Western espionage. Militant groups have frequently targeted polio vaccination teams and the security personnel assigned to protect them, particularly in Khyber Pakhtunkhwa and Baluchistan. PTI AYZ NPK NPK view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Wire
6 days ago
- Business
- Business Wire
NPK Reports Second Quarter 2025 Results
THE WOODLANDS, Texas--(BUSINESS WIRE)--NPK International Inc. (NYSE: NPKI) ('NPK' or the 'Company') today announced results for the three and six months ended June 30, 2025. SECOND QUARTER 2025 RESULTS (all comparisons versus the prior year period unless otherwise noted) Revenues of $68.2 million, +2%; Rental revenues of $31.7 million, +34% Operating income from continuing operations of $11.6 million, 17.0% operating margin Income from continuing operations of $8.8 million, or $0.10 per diluted share Adjusted EBITDA from Continuing Operations of $18.8 million, 27.5% Adjusted EBITDA margin Total cash of $26.0 million and total debt of $9.3 million as of June 30, 2025 Cash flow from operating activities of $21.4 million; Free Cash Flow of $11.2 million Repurchased $6 million of common equity, 1% of outstanding shares Established new $150 million revolving credit facility Announced Global Industry Classification Standard (GICS ®) code changed to 20107010 (Industrials/Capital Goods/Trading Companies & Distributors) MANAGEMENT COMMENTARY 'Our disciplined execution once again resulted in strong organic growth in the second quarter, highlighted by rental revenue growth of 34% to $32 million, another single quarter record,' stated Matthew Lanigan, President and CEO of NPK. 'The strong demand we experienced late in the first quarter continued through the second quarter, driven by ongoing strength in our core utility and critical infrastructure markets, with notable strength in large scale utility projects that has the added benefit of driving longer contract durations and increased visibility. To meet the concurrent surge in demand on several large-scale projects, we leveraged our rental fleet and logistics capabilities, as well as our third-party network to successfully deliver for our customers and highlight our position as one of the few providers with the ability to scale rapidly and successfully execute during even the most dynamic market environments.' 'We remain excited by the ongoing momentum in our business, further validating our long-term growth strategy, which is focused on growing our rental fleet scale, expanding our geographic footprint, and providing industry leading products and services to our customers,' continued Lanigan. 'As we look ahead to the second half, we continue to be encouraged by the strength in our core markets and the pipeline of rental projects and products sales we are pursuing. Based on our strong first half performance and our visibility into continued momentum into the second half, we are pleased to once again raise our full-year revenue and EBITDA expectations for fiscal 2025.' 'We continued to execute under our disciplined capital allocation framework during the second quarter, as we made additional investments to expand our rental fleet and returned capital through our share repurchase program, all while maintaining ample financial flexibility,' noted Lanigan. 'We repurchased another 1% of our outstanding shares during the quarter and further expanded our rental fleet by 5%, as we continue to build on our leading position within the composite rental market. With the recent establishment of our new bank facility in June, we had approximately $175 million of cash and available liquidity as of June 30, 2025, providing us significant flexibility to support our strategic growth plans and capital allocation strategy.' 'We are very pleased by our strong results during the first half of 2025, which are a direct result of the dedicated focus on our key strategic priorities combined with the favorable market trends. We look to further take advantage of these favorable conditions by remaining committed to our key initiatives, which include delivering consistent organic growth, driving operating efficiency, and return of capital optimization, all with a focus on driving long-term shareholder value,' concluded Lanigan. BUSINESS UPDATE NPK's business plan is designed to drive organic commercial growth within targeted, higher-margin product and rental markets; improve asset optimization and organizational efficiency; and pursue a capital allocation strategy that prioritizes investments with superior return profiles, together with a programmatic return of capital program. Second quarter 2025 highlights include: Strong customer demand for matting rental and related services. Revenues from specialty rental and related services increased to $46 million in the second quarter of 2025, with record rental revenues driven by strong demand in support of power transmission projects. Revenues from product sales were $22 million for the second quarter of 2025, reflecting continued strength in demand from utility companies and other fleet owners supporting the utilities and critical infrastructure end-markets. Improved operating efficiency. NPK remains focused on efficiency improvements and operating cost optimization across every aspect of its business. The Company continues to evaluate and execute actions intended to streamline the organization and its cost structure, while targeting SG&A as a percentage of revenue in the mid-teens by early 2026. In the second quarter of 2025, NPK's SG&A as a percentage of revenue was 20%, which includes approximately $2 million in elevated costs related to performance-based incentives, along with severance costs associated with ongoing streamlining efforts. The expense for performance-based incentives includes both long-term awards measured on the Company's total shareholder return ('TSR') relative to the designated peer group, as well as short-term incentives tied to 2025 sales, profitability and other performance targets. Robust return of capital program. During the second quarter of 2025, the Company used $6 million of cash to repurchase 0.8 million (1%) of outstanding shares under the repurchase program. FINANCIAL PERFORMANCE In the second quarter of 2025, NPK generated income from continuing operations of $8.8 million, or $0.10 per diluted share, on total revenue of $68.2 million, compared to $8.6 million, or $0.10 per diluted share, on total revenue of $66.8 million, in the second quarter of 2024. Gross margin was 36.9% in the second quarter of 2025, compared to 37.2% in the prior year period. The Company reported Adjusted EBITDA from Continuing Operations of $18.8 million in the second quarter of 2025, or 27.5% of total revenue, compared to $17.9 million, or 26.8% of total revenue, in the prior year period. Selling, general and administrative expenses were $13.7 million (20.0% of revenues) in the second quarter of 2025, compared to $12.8 million (19.1% of revenues) in the second quarter of 2024. BALANCE SHEET AND LIQUIDITY As of June 30, 2025, NPK remained in a net cash positive position, with total cash of $26.0 million, total debt of $9.3 million, and available liquidity under its senior secured revolving credit facility of $148 million. Operating cash flow was $21.4 million in the second quarter of 2025. Capital investments used $10.2 million, net, primarily funding the expansion of the mat rental fleet to support increased customer demand, while $8.5 million was used to fund the purchase of treasury shares, including purchases under our repurchase program and shares withheld upon vesting of employee equity awards for the settlement of tax obligations. FINANCIAL GUIDANCE The following forward-looking guidance reflects the Company's current expectations and beliefs as of August 5, 2025, and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document. For the full year 2025, NPK currently anticipates the following: Revenues in a range of $250 million to $260 million Adjusted EBITDA in a range of $68 million to $74 million Capital expenditures in a range of $35 million to $40 million SECOND QUARTER 2025 RESULTS CONFERENCE CALL A conference call will be held Wednesday, August 6, 2025 at 9:30 a.m. ET to review the Company's financial results and conduct a question-and-answer session. A webcast of the conference call will be available in the Investor Relations section of the Company's website at Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the live teleconference: To listen to a replay of the teleconference, which subsequently will be available through August 13, 2025: ABOUT NPK INTERNATIONAL NPK International Inc. is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. The Company delivers superior quality and reliability across critical infrastructure markets, including electrical transmission and distribution, oil and gas exploration, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at FORWARD-LOOKING STATEMENTS This news release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as 'will,' 'may,' 'could,' 'would,' 'should,' 'anticipates,' 'believes,' 'estimates,' 'expects,' 'plans,' 'intends,' 'guidance,' and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by NPK, particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our sale of the Fluids Systems business; our ability to generate organic growth; economic and market conditions that may impact our customers' future spending; the effective management of our fleet, including our ability to properly manufacture, safeguard, and maintain our fleet; international operations; operating hazards present in our and our customers' industries and substantial liability claims; our contracts that can be terminated or downsized by our customers without penalty; our product offering and market expansion; our ability to attract, retain, and develop qualified leaders, key employees, and skilled personnel; expanding our services in the utilities sector, which may require unionized labor; the price and availability of raw materials; inflation; capital investments and business acquisitions; market competition; technological developments and intellectual property; severe weather, natural disasters, and seasonality; public health crises, epidemics, and pandemics; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity incidents or business system disruptions; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; share repurchases; and our amended and restated bylaws, which could limit our stockholders' ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. NPK's filings with the Securities and Exchange Commission can be obtained at no charge at as well as through our website at NPK International Inc. Operating Segment Results (Unaudited) Three Months Ended Six Months Ended (In thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues Rental revenues $ 31,654 $ 28,110 $ 23,682 $ 59,764 $ 44,914 Service revenues 14,658 15,283 12,714 29,941 26,663 Product sales revenues 21,921 21,384 30,395 43,305 44,181 Total revenues $ 68,233 $ 64,777 $ 66,791 $ 133,010 $ 115,758 Operating margin from continuing operations 17.0 % 20.9 % 18.7 % 18.9 % 16.8 % Expand NPK International Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share data) June 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 26,012 $ 17,756 Receivables, net 60,975 74,841 Inventories 11,084 14,659 Prepaid expenses and other current assets 4,294 5,728 Total current assets 102,365 112,984 Property, plant and equipment, net 202,243 187,483 Operating lease assets 11,021 11,793 Goodwill 47,555 47,222 Other intangible assets, net 9,356 10,331 Deferred tax assets 9,681 15,593 Other assets 11,461 8,276 Total assets $ 393,682 $ 393,682 LIABILITIES AND STOCKHOLDERS' EQUITY Current debt $ 3,429 $ 2,900 Accounts payable 22,051 19,459 Accrued liabilities 18,352 22,300 Total current liabilities 43,832 44,659 Long-term debt, less current portion 5,907 4,827 Noncurrent operating lease liabilities 9,974 10,896 Deferred tax liabilities 1,456 1,203 Other noncurrent liabilities 3,678 5,602 Total liabilities 64,847 67,187 Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,669,464 shares issued, respectively) 1,117 1,117 Paid-in capital 629,952 633,239 Accumulated other comprehensive loss (2,502 ) (2,871 ) Retained earnings (deficit) (120,785 ) (139,466 ) Treasury stock, at cost (27,107,560 and 25,114,978 shares, respectively) (178,947 ) (165,524 ) Total stockholders' equity 328,835 326,495 Total liabilities and stockholders' equity $ 393,682 $ 393,682 Expand NPK International Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, (In thousands) 2025 2024 Cash flows from operating activities: Net income $ 18,681 $ 15,333 Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization 11,974 14,835 Stock-based compensation expense 2,596 3,122 Provision for deferred income taxes 6,164 (2,196 ) Credit loss expense 19 1,040 Gain on sale of assets (1,557 ) (1,049 ) Gain on insurance recovery — (874 ) Amortization of original issue discount and debt issuance costs 313 260 Change in assets and liabilities: (Increase) decrease in receivables (6,283 ) 4,369 Decrease in inventories 3,596 12,158 Increase in other assets (1,924 ) (1,524 ) Increase in accounts payable 1,823 647 Decrease in accrued liabilities and other (5,134 ) (6,590 ) Net cash provided by operating activities 30,268 39,531 Cash flows from investing activities: Capital expenditures (21,705 ) (20,468 ) Proceeds from divestitures 14,485 — Proceeds from sale of property, plant and equipment 3,320 2,042 Proceeds from insurance property claim — 1,385 Other investing activities 3,089 — Net cash provided by (used in) investing activities (811 ) (17,041 ) Cash flows from financing activities: Borrowings on lines of credit — 87,444 Payments on lines of credit — (101,077 ) Debt issuance costs (797 ) — Purchases of treasury stock (19,291 ) (4,332 ) Proceeds from employee stock plans — 17 Other financing activities (1,704 ) (7,040 ) Net cash used in financing activities (21,792 ) (24,988 ) Effect of exchange rate changes on cash 110 (961 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 7,775 (3,459 ) Cash, cash equivalents, and restricted cash at beginning of period 18,237 38,901 Cash, cash equivalents, and restricted cash at end of period $ 26,012 $ 35,442 Expand NPK International Inc. Non-GAAP Reconciliations (Unaudited) To help understand the Company's financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles ('GAAP') with non-GAAP financial measures. Such financial measures include Adjusted Income (Loss) from Continuing Operations, Adjusted Income (Loss) from Continuing Operations Per Common Share, earnings before interest, taxes, depreciation and amortization ('EBITDA') from Continuing Operations, Adjusted EBITDA from Continuing Operations, Adjusted EBITDA Margin from Continuing Operations, and Free Cash Flow. We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. Adjusted Income (Loss) from Continuing Operations and Adjusted Income (Loss) from Continuing Operations Per Common Share The following tables reconcile the Company's income from continuing operations and income from continuing operations per common share calculated in accordance with GAAP to the non-GAAP financial measures of Adjusted Income from Continuing Operations and Adjusted Income from Continuing Operations Per Common Share: Adjusted Income from Continuing Operations (non-GAAP) $ 9,068 $ 10,396 $ 8,766 $ 19,464 $ 12,833 Weighted average common shares outstanding - basic 84,480 86,057 85,473 85,264 85,237 Dilutive effect of stock options and restricted stock awards 943 939 2,153 941 2,198 Weighted average common shares outstanding - diluted 85,423 86,996 87,626 86,205 87,435 Adjusted Income from Continuing Operations Per Common Share - Diluted (non-GAAP): $ 0.11 $ 0.12 $ 0.10 $ 0.23 $ 0.15 Expand NPK International Inc. Non-GAAP Reconciliations (Continued) (Unaudited) EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA Margin from Continuing Operations The following table reconciles the Company's income from continuing operations calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA Margin from Continuing Operations: Consolidated Three Months Ended Six Months Ended (In thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues $ 68,233 $ 64,777 $ 66,791 $ 133,010 $ 115,758 Operating income from continuing operations (GAAP) $ 11,629 $ 13,528 $ 12,507 $ 25,157 $ 19,473 Income from continuing operations (GAAP) $ 8,784 $ 10,375 $ 8,628 $ 19,159 $ 12,682 Interest expense, net 1 (48 ) 909 (47 ) 1,669 Provision for income taxes 3,470 3,515 2,483 6,985 4,390 Depreciation and amortization 6,172 5,802 5,674 11,974 11,340 EBITDA from Continuing Operations (non-GAAP) 18,427 19,644 17,694 38,071 30,081 Gain on insurance recovery — — — — (67 ) Gain on legal settlement — — — — (550 ) Severance costs 359 27 175 386 808 Adjusted EBITDA from Continuing Operations (non-GAAP) $ 18,786 $ 19,671 $ 17,869 $ 38,457 $ 30,272 Operating Margin from Continuing Operations (GAAP) 17.0 % 20.9 % 18.7 % 18.9 % 16.8 % Adjusted EBITDA Margin from Continuing Operations (non-GAAP) 27.5 % 30.4 % 26.8 % 28.9 % 26.2 % Expand Free Cash Flow The following table reconciles the Company's net cash provided by operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow: NPK International Inc. Non-GAAP Reconciliations (Continued) (Unaudited) Trailing Twelve Months ('TTM') Consolidated Three Months Ended TTM (In thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2025 Revenues $ 44,207 $ 57,524 $ 64,777 $ 68,233 $ 234,741 Operating income from continuing operations (GAAP) $ 1,234 $ 11,644 $ 13,528 $ 11,629 $ 38,035 Income from continuing operations (GAAP) $ 14,869 $ 8,048 $ 10,375 $ 8,784 $ 42,076 Interest (income) expense, net 943 9 (48 ) 1 905 Provision (benefit) for income taxes from continuing operations (14,016 ) 2,888 3,515 3,470 (4,143 ) Depreciation and amortization 5,592 5,724 5,802 6,172 23,290 EBITDA from Continuing Operations (non-GAAP) 7,388 16,669 19,644 18,427 62,128 Severance costs 113 416 27 359 915 Adjusted EBITDA from Continuing Operations (non-GAAP) $ 7,501 $ 17,085 $ 19,671 $ 18,786 $ 63,043 Operating Margin from Continuing Operations (GAAP) 2.8 % 20.2 % 20.9 % 17.0 % 16.2 % Adjusted EBITDA Margin from Continuing Operations (non-GAAP) 17.0 % 29.7 % 30.4 % 27.5 % 26.9 % Expand
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Business Standard
04-08-2025
- Business
- Business Standard
Uttar Pradesh faces fertiliser supply shortage amid rising demand
The total stock comprises 918,000 tonnes of urea and 558,000 tonnes of phosphatic soil nutrients such as Diammonium Phosphate (DAP) and Nitrogen Phosphorus Potash (NPK) Virendra Singh Rawat Lucknow Listen to This Article Even as Uttar Pradesh has a fertiliser inventory of nearly 1.5 million tonnes (MT) for the current kharif season, the supply is falling short in several administrative divisions. The total stock comprises 918,000 tonnes of urea and 558,000 tonnes of phosphatic soil nutrients such as Diammonium Phosphate (DAP) and Nitrogen Phosphorus Potash (NPK). However, 11 of the total 18 administrative divisions in UP are still facing a shortfall. Seven divisions, including Kanpur, Lucknow, Prayagraj, Aligarh, Agra, Varanasi and Bareilly have maximum availability of fertilisers.
