BioMar achieves best half year ever during lockdown
The sales volume increased by nine percent, while the revenue increased by seven percent compared to Q2 last year despite the Ecuadorean and Mediterranean market challenges.
BioMar’s Q2 report underlined the sustainable growth of the company as increased volume and revenue are accompanied by strong earnings. Following an impressive Q1, BioMar Group continues to deliver solid financial results. The sales volume increased by nine percent, while the revenue increased by seven percent compared to Q2 last year. The growth was mainly delivered by robust performance in the salmon markets across geographies, supported by the new salmon business in Australia. A strong product portfolio, competitive product offerings and close collaboration with the customers fighting the challenges of the pandemic have been some of the factors driving the results.
“We have seen that in times of crisis, solutions are to be found working together across the value chain. During the last months, we have collaborated with suppliers and customers ensuring business continuity and stable food supply to the end-consumers. At the same time, we have experienced an immense dedication from our employees engaging in delivering high-quality products and very competitive product solutions to our customers despite lockdowns and market challenges,” explained Carlos Díaz, CEO of BioMar Group.
While the salmon feed business units have been high-performing during Q2 compared to the same quarter last year, the shrimp feed business has been slightly challenged due to the interruption of the Ecuadorian shrimp export to China following COVID-19. At the same time, the Mediterranean markets have been challenged to the HORECA sector closing down almost completely in most European markets and travel restrictions affecting the tourist season, in addition to the storm “Gloria” in Spain destroying significant farming capacity.
“This spring and early summer have been a very challenging and volatile period for all our business units, and we have constantly been on our toes. Fortunately, we have built an operation model where local agility is a cornerstone. Hence our business units have been empowered to find solutions together with the customers as the situation evolved. Being guided by a strong purpose makes it easier to be aligned and innovate when the world is constantly changing,” said Díaz.
“I am proud we are getting through the first period of the pandemic with such positive results. However, we are not on the other side yet and there will most likely be a further business impact from the challenging market conditions for our customers and as BioMar, we will be there to support,” concluded Díaz.