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BioMar has presented its results for Q1 2023 closing the financial period with an increase of 21% compared to the same period last year and revenues of DKK 3.7 billion (EUR 49.7 million / USD 54 million). Thus this becomes another achievement for a company that has grown 73% in revenues from 2018 to 2022.
Undoubtedly, the scenario this year for companies has been complex. On the one hand, because of the consequences of the pandemic. On the other hand, the Ukraine-Russia war has affected all parts of the business and prices for both producers and consumers.
EBITDA (earnings before interest, taxes, depreciation, and amortization) reached DKK 117 million (EUR 15.7 million / USD 17.3). However, according to parent company Schouw & Co, BioMar’s 1Q 2022 EBITDA was unusually low due to its exit from Russia and the failure of demand from Norway. The departure from Russia has affected the figures, but the company stands by the ethic position it took in response to the invasion of Ukraine. In any case, it remains positive.
“I am very satisfied with the overall performance of BioMar. Despite some challenging market conditions in both the salmon and the shrimp industry, we are continuing to consolidate our position,” said in a statement Carlos Díaz, the CEO of BioMar.
China and Turkey: a strong presence
The joint ventures in China and Turkey together produced revenues of DKK 471 million (EUR 63.2 million / USD 70 million) and an EBITDA of DKK 45 million (EUR 6 million / USD 6.7 million), according to Schouw & Co. These figures represent an increase of 67 % and 125 %. compared to the previous year. Figures that show the progress of the BioMar in these regions.
BioMar has established itself as a global frontrunner in crafting top-notch diets tailored for over 45 diverse species of fish and shrimp across 80 nations. Since its inception in 1962, this enterprise, pioneered by a consortium of Danish fish farmers, has dedicated itself to advancing the aquaculture sector conscientiously and sustainably.
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