BioMar sees record profits on lower volumes for 2023

BioMar feed pellet bags

Aquafeed group BioMar achieved record revenue and profits on slightly reduced volumes for 2023, the company’s update for Q4 shows.

BioMar saw revenue for the full year 2023 up by just under 1% to DKK 17.9bn (£2.05bn) but recorded EBITDA or operating profit of DKK 1.25bn (£143m) up 23% from the full year 2022.

EBITDA was DKK 397m for Q4 last year (£45.6) compared with DKK 294m (£33.8m) for Q4 the previous year.

The volume of sales for 2023 was 1,437,000 tonnes a fall from 1,456,000 tonnes in 2022.

Non-consolidated joint ventures, not reflected in the group figures, recorded EBITDA for 2023 of 179m(£20.6m) on revenue of DKK 1.8bn (£207m), also representing a significant increase on 2022’s figures.

Carlos Diaz, CEO of BioMar Group said: ““I am extremely satisfied with our business performance for 2023. We have continued to optimise our product portfolio and product concepts, being proactive to the development in the markets. At the same time, we have improved our commercial performance both up- and downstream. Looking at the totality of our business, including our joint ventures in Turkey and China, the year summed up to a volume of 1.6 million tons, a turnover of DKK 20 billion and an EBITDA of DKK 1.4 billion.”

He said that BioMar had prioritised building long-term product collaborations with core customers, rather than chasing volumes.

Diaz added: “The results have been driven by our efforts in positioning ourselves as value creators for customers as well as suppliers. To us, it is becoming increasingly important to create partnerships with suppliers of novel raw materials as well as forward-looking customers who believe in building long-term business relationships instead of a transactional value chain. It is only possible to change the future if we together share an ambition of a sustainable and efficient aquaculture.”

Carlos Diaz, BioMar CEO



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