Forafric is a wheat milling company that processes raw wheat into flour, semolina, pasta, and couscous. The company operates primarily in Morocco, where it maintains nine milling plants with a capacity of 3,700 metric tons per day, and runs two mills in Mali and Burkina Faso. Forafric sells products to wholesale food manufacturers, distributors, and retail consumers under brands including MayMouna and Tria, while exporting to 45 countries. Its business model depends on the price spread between raw wheat procurement and finished goods sales, as raw materials account for 90% of total costs. Forafric uses its scale to secure favorable procurement terms from international suppliers. The company is executing a strategic pivot to focus on soft wheat milling in Morocco, recently divesting non-core storage, animal feed, and regional operations in Niger. Forafric is also exploring expansion into food security, defense technology, and energy infrastructure. Additionally, the company has proposed selling a controlling interest in its Moroccan operating subsidiary to Cap Holding. Moroccan regulations restrict soft wheat imports during specific windows to protect local farmers, which typically makes Q3 the company's weakest quarter. Profitability is driven by industrial efficiency, cost control, and procurement advantages.