CORAL GABLES, Fla., April 19, 2024 /CNW/ - Sucro Limited ("Sucro" or the "Company") (TSXV:SUG), an integrated sugar company focused primarily on serving the North American market, today announced financial results for the three and twelve months ended December 31, 2023.  All amounts are shown in United States dollars ("U.S. $" or "$") unless otherwise noted. Financial Highlights Full-year revenues of $496.8 million on sugar deliveries of 476,778 metric tons; Q4 of $114.6 million and 95,883 metric tons, respectively Full-year net income of $20.0 million; Q4 net loss of $10.4 million Full-year adjusted gross profit1 of $49.1 million and adjusted gross profit margin1 percentage of 9.9%; Q4 of $9.5 million and 8.3%, respectively Full-year EBITDA1 of $54.1 million and Adjusted EBITDA1 of $33.1 million; Q4 of ($5.5 million) and $8.3 million, respectively Full-year Adjusted gross profit per metric ton delivered1 2 of $94.37; Q4 of $55.64 For our refineries, Full-year volumes of 160,323 metric tons; Q4 of 34,287 metric tons For our refineries, Full-year Adjusted gross profit per metric ton delivered of $143.49; Q4 of $182.12 Q4 and Year-End 2023 Highlights (audited) Three Months Ended December 31 Year Ended December 31    In 000s of U.S. $ except per share and volume metrics. 2023 2022 Change 2023 2022 Change Sugar Deliveries (Metric Tons) 95,883 81,947 17 % 476,778 518,557 -8 % Revenue $ 114,560 $ 94,455 21 % $ 496,834 $ 439,254 13 % Gross profit (4,857) 23,186 -121 % 70,285 72,416 -3 % Adjusted gross profit 1 9,467 15,401 -39 % 49,126 38,291 28 % Adjusted gross profit margin1 8.3 % 16.3 % 9.9 % 8.7 % EBITDA1 (5,471) 18,086 -130 % 54,113 54,521 -1 % Adjusted EBITDA1 8,308 10,452 -21 % 33,065 22,412 48 % Adjusted EBITDA Margin1 7.3 % 11.1 % 6.7 % 5.1 % Net Income (Loss) (10,381) 15,685 -166 % 19,974 35,570 -44 %    Per share (basic) (1.65) 2.27 -173 % 3.18 5.14 -38 % Adjusted gross profit per metric ton delivered1,2 55.64 187.94 -70 % 94.37 73.84 28 % Refineries Results: Refineries Volume (Metric Tons) 34,287 19,345 77 % 160,323 83,615 92 % Adjusted gross profit $ 6,244 $ 2,276 174 % $ 23,004 $ 9,480 143 % Adjusted gross profit per metric ton delivered1 182.12 117.67 55 % 143.49 113.38 27 % 1.  This is not a standardized financial measure under IFRS and may not be comparable to similar financial measures of other issuers. Please refer to "Non-IFRS and other Financial Measures" below for further details. 2. Net of cash settlements "The Sucro team delivered a strong operational performance in 2023, which included valuable contributions from our US-based Lackawanna refinery during its first full year of operations," expressed Jonathan Taylor, Founder and Chief Executive Officer of Sucro. "The addition of our new refinery capacity has had the desired effects – significant growth in our refined volumes and higher per ton profitability, the combination of which supported a 48% year-over-year increase in our Adjusted EBITDA." Taylor further commented "Our expectation in 2024 is to deliver further production growth from our existing operations while executing our refinery expansion plans. Our investment program for the year is focused on construction activities for our new refinery in Hamilton, and on advancing our recently announced new cane refinery at our University Park site in Illinois. Our teams remain highly focused on capitalizing on the strong, steady growth in sugar market demand we see on both sides of the border to deliver profitable growth to our shareholders." Q4 and Year-end 2023 Investor Call The Company will host a conference call on Friday, April 19, 2024, at 10:00 am Eastern time during which Jonathan Taylor, Founder and Chief Executive Officer, and Stefano D'Aniello, Chief Financial Officer, will discuss Sucro's financial performance for the fourth quarter and year ended December 31, 2023.   Date:                      Friday, April 19, 2024   Time:                      10:00 a.m. ET   Conference Call:    Toll-Free           (888) 664-6392 Local (GTA)       (416) 764-8659 Please dial in at least five minutes before the call begins.   Replay:                  Available through May 6, 2024     Replay Access:      Toll-Free           (888) 390-0541 Local (GTA)       (416) 764-8677 Passcode         011068 # Results from Operations - Three Months Ended December 31, 2023 Values are in 000s of USD except per share, sugar deliveries, and refinery volume metrics. Quarter Ended December 31 2023 2022 Sugar Deliveries (Metric Tons) 95,883 81,947 Revenue $   114,560 $     94,455 Cost of sales 119,417 71,269 Gross Profit (4,857) 23,186 Adjusted gross profit  9,467 15,401 Adjusted gross profit margin 8.3 % 16.3 % Income From Operations (8,057) 17,002 Income Before Income Taxes (14,404) 13,881 Net Income  (10,381) 15,685 Adjusted Gross profit/MT Delivered 0.10 0.19 Revenue/MT Delivered 1.19 1.15 Income from continuing operations– per share (basic)* (1.65) 2.27 Income from continuing operations– per share (diluted)*