Sadot Group Inc.

Welcome to the Sadat Group Inc. Q3 2024 Earnings Conference Call. Today's call is being recorded and all participants will be in listen-only mode. After management's prepared remarks, we will take questions. At this time, for opening remarks and introductions, I would like to turn the call over to Frank Pogubila, Sadat Group Inc.' 's Investor Relations Contact.

Before we get started, we would like to state that this call may include forward-looking statements pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. To the extent the information presented on this call discusses financial projections, information or expectations about the business plans, results of operations, products or markets, or otherwise make statements about future events, such statements may be forward-looking. Such forward-looking statements can be identified by the use of the words such as should, may, intends, anticipates, believes, estimates, projects, forecasts, expects, plans and proposes. Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading Risk Factors in Sadat Group Inc.' 's most recently filed Form 10-Q and elsewhere in documents that Sadat Group Inc. files from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Sadat Group, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. For this call, all numbers disclosed have been rounded to the closest $100,000, and percentages have been rounded to the closest tenth of a percent unless otherwise noted. All numbers disclosed in this report are the amounts attributable to Sadat Group Inc. and exclude the portion related to non-controlling interests. On this call, we will refer to Sadat Group Inc. as Sadat Group, Sadat, or the company. With me on the call today are Sadat Group's Chief Executive Officer, Michael Roper, and Chief Financial Officer, Jennifer Black. Michael and Jennifer will be presenting prepared remarks related to Sadat Group's financials filed on November 12th, 2024, and those documents may be found on the company's website, Newswire feeds, and on the SEC's website link from Sadat's website at www.sadatgroupinc.com under the investor tab. At this point, I would like to turn it over to Sadat's CEO, Michael Roper. Michael.

Thanks, Frank, and good morning, everyone. I'm pleased to welcome everyone to today's call, where we'll be discussing our third quarter results for 2024. I'm extremely proud to report positive net income for the second consecutive quarter, marking a milestone achievement for the company. This accomplishment is accompanied by our best nine-month year-to-date performance in our history, underscoring our ongoing efforts to drive growth and profitability. In Q3, we generated consolidated revenues of $201.7 million, a 10.7% increase over the same period last year. However, the vast majority of our revenue, 99.6% of consolidated revenue, or $200.9 million, was generated by our core agro-commodity group, Sadat AgriFoods. This division drove an 11.6% revenue increase over the same period last year as we continue to implement and execute against our global expansion strategy. Our net income reached positive $1.2 million for Q3, making Q3 our second consecutive quarter with positive net income. Our Q3 net income of $1.2 million was a substantial improvement from the negative $5.2 million net loss in Q3 2023. This represents an improvement of net income of roughly 6.3 million year over year. Our Q3 2024 EBITDA was also positive this quarter at 2.9 million compared to a negative 4.4 million EBITDA in Q3 last year. This represents an improvement of 7.4 million in EBITDA year over year. Notably, our year-to-date through Q3 net income stands at $3.3 million, a marked improvement compared to the $6.1 million net loss recorded for the same period in 2023. This achievement represents the highest net income over the first nine months of any year in our company history. These results demonstrate our ability to operate profitably within a nearly $2 trillion global agro-commodities market, and reinforces our strategic vision to expand operations into essential agri-commodity supply chain verticals, including farming, origination, and trading, and further potential for growth into additional areas such as shipping, logistics, processing, and distribution. In addition, we want to widen the types of commodities we trade while also expanding into new geographical trade areas. With that, I'm pleased to announce that we recently placed a deposit and are in negotiations on an agricultural property in Indonesia to expand our portfolio of farming assets, and we look forward to sharing further details upon the successful completion of this transaction. Regarding our legacy restaurant brands, we've been strategically divesting these non-core assets to streamline our focus on core operations. and we remain committed to keeping you updated on any developments related to these restaurant asset transactions. We have closed or converted all company-owned and operated restaurant locations into franchise locations, including Superfit Foods. We are now a 100% franchise concept and have been able to reduce some overhead expenses accordingly. With that, I'd like to turn the call over to our CFO, Jennifer Black, to review the company's financial performance for the third quarter of 2024. Jennifer?