Sucro Provides Full Year 2023 Operational Update

2023 Adjusted EBITDA1 expected to be at the upper end of $30 to $32 million guidance

Coral Gables, Florida, March 4, 2024 – Sucro Limited (TSXV: SUG) (“Sucro” or the “Company”), an integrated sugar company focused primarily on serving the North American market, today provided an operational update, including its preliminary selected unaudited financial results for the fourth quarter and year ended December 31, 2023. All dollar amounts are in United States dollars (“U.S. $” or “$”) unless otherwise noted.

Based on preliminary unaudited Fourth Quarter and Full-Year 2023 results:

Jonathan Taylor, CEO and Founder of Sucro commented “These preliminary results evidence strong execution throughout our operations in the fourth quarter of 2023 to support financial performance at the upper end of our guidance range. During the quarter, we captured the benefits of increased self-refined volumes along with higher profitability on each metric ton of sugar delivered to our customers from our cane sugar refineries. Looking more closely at our New York-based Lackawanna refinery, our capital investment program to improve our throughput capabilities is nearing completion, and we remain on track to double our production capacity from Lackawanna in 2024.”

Mr. Taylor added, “Sucro-owned refineries are at the core of our drive to build long-term, sustainable value in the business. In addition to our Lackawanna expansion, we recently announced plans to build a new cane sugar refinery at our existing facility in University Park, IL, a suburb of Chicago. When combined with our efforts to expand our Canadian refining capacity, Sucro’s integrated production base will be well-positioned as a cost-competitive supplier to our customers located throughout North America. Further updates are planned along with our audited year-end financials later in April.”

About Sucro
Sucro is a growth-oriented sugar company that operates throughout the Americas, with a primary focus on serving the North American sugar market. The Company operates a highly integrated and interconnected sugar supply business, utilizing the entire sugar supply chain to service its customers. Sucro’s integrated supply chain includes refined sugar from its own refineries in the United States and Canada, along with sourcing raw and refined sugar from countries throughout Latin America and delivering to customers in North America and the Caribbean. Since its inception in 2014, Sucro has achieved significant growth by creating value for customers through continuous process innovation and supply chain re-engineering. Sucro has established a broad production, sales and sourcing network throughout North America with two cane sugar refineries and an additional value-added processing facility. The Company has offices in Miami, Mexico City, Sao Paulo, and Port of Spain. For more information, visit and follow us on LinkedIn.

Non-IFRS and other Financial Measures

In this news release, reference is made to the following non-IFRS measures:

Such non-IFRS financial measures are not standardized financial measures under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar financial measures disclosed by other issuers. Please see “Other Selected Financial Information (Key Performance Indicators) – Non-IFRS Measures” in the Company’s most recent Management’s Discussion and Analysis, which is available on Sucro’s profile at, for a reconciliation of these measures to their nearest IFRS measure, which information is incorporated by reference herein.

Forward-Looking Statements

This Press Release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “annualized”, “plans”, “targets”, “expects”, “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “pro forma”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”, or the negative of these terms, or other similar expressions intended to identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

This forward-looking information includes, among other things, statements relating to: our revised 2023 Adjusted EBITDA guidance and estimated 2023 Adjusted EBITDA; our expectations regarding our profit and operating margins; anticipated sales volumes from our refineries; and our expectation for increased volume for our Lackawanna facility.

This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions include: revenue; anticipated capital expenditures; our ability to build our market share; our ability to complete expansions of our existing refineries and new refineries on time and on budget and with the anticipated processing capacity; our ability to retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion plans; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; our ability to respond to any changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards are material factors made in preparing forward-looking information and management’s expectations.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered to be appropriate and reasonable as of the date of this Press Release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, our ability to maintain and renew licenses and permits; fluctuations in the price of sugar that we purchase, process and sell; development of new or expansion of our existing refineries may experience cost-overruns and/or delays and actual costs, operational efficiencies, production volumes or economic returns may differ materially from the Company’s estimates and variances from expectations; disruptions to our supply chains as a result of outbreaks of illness, geopolitical events or other factors; inflation and rising interest rates; the risk of unhedged trading positions and counterparty defaults; a significant portion of our current credit facility is uncommitted and requests for additional advances may be refused; elimination or significantly reduction of protective duties relating to foreign sugar imports; our limited operating history and our recent growth may not be indicative of our future growth; dependence on management’s ability to implement its strategy; risks of early stage companies; competitive risks; our dependence on a small number of key persons; demands of growth on our management and our operational and financial resources; and the other risk factors discussed in greater detail under “Risk Factors” in the final prospectus of Sucro dated October 19, 2023 and filed on SEDAR+ at

The above-mentioned factors should not be construed as exhaustive. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information.

Prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this Press Release represents our expectations as of the date of this Press Release (or as of the date they are otherwise stated to be made) and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. For additional information, readers should also refer to our Final Prospectus and other information filed on

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Don Hill, Chairman, Sucro Limited
T: (305) 901-5222

Investor Relations:
Ian Tharp
T: (416) 567-2563

  1. This is not a standardized financial measure and may not be comparable to similar financial measures of other issuers. See “Non-IFRS and other Financial Measures” below for the composition and calculation of this financial measure.   ↩︎

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