Join our daily newsletter At The Bell to receive exclusive market insights
- RLF AgTech (RLF) confirms an 80 per cent increase in sales contracts from two long-standing customers as demand for its plant nutrition products continues
- The company secured $1.2 million in forward annual sales contracts for the 2023 financial year
- The contracts are from Sichuan Davofeng and Hainan Kangxifeng who are long-standing Chinese customers
- RLF’s plant nutrition products from these repeat orders are being used in both grains and tropical fruits
- On market close for the day, RLF is up 2.7 per cent, trading at 19 cents per share
RLF AgTech (RLF) has confirmed an 80 per cent increase in sales contracts from two long-standing customers as demand for its plant nutrition products continues.
The company announced it has secured $1.2 million in forward annual sales contracts for the 2023 financial year. The contracts are from long-standing Chinese customers- Sichuan Davofeng and Hainan Kangxifeng.
Sichuan Davofeng’s contract is worth $600,000 and represents a 100 per cent increase on FY22 levels, while Hainan Kangxifeng’s agreement is valued at $600,000, a 60 per cent rise.
RLF plant nutrition products from these repeat orders are being used in both grains and tropical fruits.
“The company is particularly pleased that its long-standing customers are committing to substantial increases in product orders year on year and further increasing the availability of RLF plant nutrition products ahead of our high growth season in China,” RLF Managing Director Ken Hancock said.
RLF describes itself as a “technology-driven plant nutrition” company and officially commenced trading on the ASX last month.
The agritech company has combined plant science with chemistry and manufacturing to create plant nutrition products for commercial agriculture.
On market close for the day, RLF was up 2.7 per cent to trade at 19 cents per share.
