BioMar is coming out of the third quarter with a 5% increase in volumes year-on-year. The increase in volumes, combined with a strong product strategy, is driving up results. Nearing the completion of 2023, BioMar has raised expectations for EBITDA for the full year, driven by the operational results.
Across the divisions, BioMar shows solid results in the third quarter of 2023. The quarterly reporting reveals that the business is ready to deliver on all-time-high volumes and EBITDA for the year. However, the expectation for full-year revenue is reduced due to lower raw material prices in several categories.
“So far, we have experienced a very satisfying 2023. Building upon a solid first half year, we have accelerated our sales and improved the results, mainly due to our focus on developing the product offerings in the markets. We are looking at a very strong product pipeline with new concepts such as Blue Impact,” explained Carlos Diaz, CEO of BioMar.
“Based on the good momentum and solid outlook, we raise the full-year EBITDA expectations for 2023 to a 1,150-1,190 million range from previously DKK 1,080-1,150 million. This will be a record result in the history of BioMar. I am proud of the engagement from our employees across the globe, which form the basis for turning a challenging year with volatile raw material prices into a success for BioMar and our customers,” said Diaz.
“On top of the strong growth, I am proud to see that our joint venture feed companies are contributing significantly to the results of the group. Both in China and Turkey, we are in a good market position, and we have managed to increase the volume sold significantly. This enables us to be more efficient and brings us to a position where we can invest in building new products and open new market segments. I am confident, that we are entering into a positive cycle,” concluded Diaz.