BioMar reports 14% revenue growth in 2021
The company increased volumes and revenue, reaching an all-time high level, but bottom-line results were affected by the increase in raw material, logistics and energy prices.
BioMar concluded 2021 with solid growth across markets with a significant increase in volumes and revenue, reaching an all-time high level. However, the bottom-line results were affected by the global increase in raw material prices, logistic costs and energy prices.
The strong growth was driven by a favorable commercial position in promoting high-end product ranges and delivering strong customer service. The increase in Q4 revenue by 33% and an increase in sales volumes by 14% were mainly driven by the salmon division and the shrimp business in Latin America.
“I am very satisfied by the performance of the company despite the results not following the development of the top line. We along with all other feed producers are challenged by a situation no one has ever seen before. Energy prices have been going through the roof, raw material prices have increased significantly, and logistic costs are at a level we have never seen,” explained Carlos Díaz, CEO of BioMar Group.
“We are working with our customers to find sustainable commercial solutions going forward and we will probably need to look into a new generation of contracts where the volatility of the market is taken into account to ensure an optimal pricing structure for our customers,” concludes Díaz.
BioMar ended the year with a slight decline in EBITDA compared to 2020, while revenue grow by 14% and the volume also increased by 8% for the consolidated companies.