Achieves record results for quarterly Sugar Deliveries, Revenues, Net Income, Free Cash Flow, and refinery contributions CORAL GABLES, Fla., May 30, 2024 /CNW/ - Sucro Limited (TSXV:SUG) (OTCQB:SUGCF) ("Sucro" or the "Company"), an integrated sugar refiner focused primarily on serving the North American sugar markets, today announced financial results for the three months ended March 31, 2024. All amounts are in United States dollars ("U.S. $" or "$") unless otherwise noted. Financial Highlights for the First Quarter of 2024 Revenue of $184.3 million on sugar deliveries of 182,865 metric tons, setting new quarterly records for both measures Net income of $19.7 million, a new quarterly record Adjusted gross profit1 of $15.98 million and adjusted gross profit margin1 percentage of 8.7% EBITDA1 of $31.0 million and Adjusted EBITDA1 of $10.5 million Adjusted gross profit per metric ton delivered1,2 of $87.38 For our refineries, Q1 volumes of 46,754 metric tons, and Adjusted gross profit1 of $6.7 million, a new quarterly record for the latter measure Completed $20.3 million of debt financings for our new refinery in Hamilton, Ontario Q1 2024 Highlights (unaudited) Three Months Ended March 31 In 000s of U.S. $ except per share and volume metrics. 2024 2023 Change Sugar Deliveries (Metric Tons) 182,865 143,046 28 % Revenue $     184,325 $     125,086 47 % Gross profit 37,107 25,459 46 % Adjusted gross profit1 15,979 10,445 53 % Adjusted gross profit margin1 8.7 % 8.4 % EBITDA1 31,043 19,756 57 % Adjusted EBITDA1 10,468 4,722 122 % Adjusted EBITDA Margin1 5.7 % 3.8 % Net Income (Loss) 19,739 11,498 72 %    Per share (basic) 2.88 2.21 30 %    Per share (diluted) 0.83 0.53 57 % Adjusted gross profit per metric ton delivered1,2 87.38 73.02 20 % Free cash flow1 5,004 (1,523) Refineries Results: Refineries Volume (Metric Tons) 46,754 40,474 16 % Adjusted gross profit1 $        6,741 $        4,221 60 % Adjusted gross profit per metric ton delivered1 144.18 104.29 38 % 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 (Key Performance Indicators)" in Sucro's Q1 2024 MD&A for further detailswhich are incorporated by reference herein and available for viewing and download on SEDAR+ at www.sedarplus.ca. 2. Net of cash settlements. "Strong execution throughout our refining and merchant wholesaling businesses led to significant improvements in our financial results for the first quarter of 2024, including new record levels for quarterly deliveries, revenues, net income, free cash flow, and adjusted gross profit from our refineries," noted Jonathan Taylor, Founder and Chief Executive Officer of Sucro. "As our refinery teams maintained their focus on expanding our production and maintaining solid margins, the merchant wholesaling division capitalized on new sugar sales opportunities in Latin America, amplifying per tonne margins and earnings." Taylor further commented "Alongside our efforts to continually improve the output of our Lackawanna and Hamilton facilities, we are highly focused on executing our refinery expansion projects in both Hamilton and Chicago. We have secured new debt financing for our new refinery in Hamilton, and we're on track to make rapid progress on construction through the remainder of the year. We remain very well-positioned to strengthen our role as a premier sugar supplier in the North American market, targeting continued profitable growth for shareholders." Results from Operations - Three Months Ended March 31, 2024 Quarter Ended March 31 In 000s of USD except per share and volume metrics. 2024 2023 Sugar Deliveries (Metric Tons) 182,865 143,046 Revenue $       184,325 $        125,086 Cost of sales 147,218 99,627 Gross Profit 37,107 25,459 Adjusted gross profit2 15,979 10,445 Adjusted gross profit margin2 8.7 % 8.4 % Income From Operations 29,579 18,140 Income Before Income Taxes 24,651 14,718 Net Income 19,739 11,498 Income from continuing operations– per share (basic)1 2.88 2.21 Income from continuing operations– per share (diluted)1 0.83 0.53