Ag Growth (AFN) and Ceres (CRP): 2 TSX agricultural stocks to see

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Ag Growth (AFN) and Ceres (CRP): 2 TSX agricultural stocks to see

Ag Growth
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Highlights

  • Earlier this month, on March 4, the Agriculture and Agri-Food, Canada announced over C$ 1 million for the Innovative Solutions Canada (ISC) program to fund seven small businesses.
  • Under the program, each business is allotted up to C$ 0.15 million to advance automation and implement robotic techs to overcome operational challenges.
  • Stocks of Ag Growth International jumped by about 34 per cent in last six months.

Earlier this month, on March 4, the Agriculture and Agri-Food, Canada announced over C$ 1 million for the Innovative Solutions Canada (ISC) program to fund seven small businesses.

Under the program, each business is allotted up to C$ 0.15 million to advance automation and implement robotic techs to overcome operational challenges.

With this development, let us look at the two TSX stocks in the Canadian agricultural sector.

 Ag Growth International Inc (TSX: AFN)

Ag Growth International recorded a year-over-year (YoY) rise of 44 per cent in sales to C$ 327.09 million in Q4 FY2021. The Winnipeg-headquartered agri-equipment firm saw its fourth-quarter adjusted EBITDA at C$ 44.65 million in the latest quarter, up 66 per cent YoY.

Ag Growth International Inc (TSX: AFN) Q4 FY2021 results

Stocks of Ag Growth International jumped by about 34 per cent in last six months. After clocking a day high of C$ 40.50, AFN stock closed at C$ 38.87 apiece on Friday, March 11.

Also read: Canadian Tire (CTC) & Couche-Tard (ATD): 2 TSX retail stocks to watch

 Ceres Global Ag Corp (TSX: CRP)

Ceres global saw its top line at US$ 304.79 million in Q2 FY2022 compared to US$ 175.26 million a year ago. The Minneapolis based agricultural supply chain company reported that its second-quarter net profit was US$ 4.03 million in 2022 compared to US$ 1.32 million in 2021.

Ceres Global stock climbed by almost 25 per cent in the past one year. CRP scrip closed at C$ 5.40 apiece on Friday.

Also read: Verde (NPK) & Nutrien (NTR): 2 TSX agriculture stocks to watch

Bottomline

Automation and tech innovation in the agriculture sector can help tackle operational deficiency and boost farm production. Investors should note such developments assess the prevailing market environment and the sector prospects before making any investment decisions.

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