BioMar reports record results for 2023

The company has prioritized building long-term product collaborations with its core customers, rather than chasing volumes.

Carlos Díaz. Credits: BioMar
March 1, 2024

BioMar concluded the year with very strong results, going above the guidance to the market. Despite volumes and revenue for the full year being on the level with 2022, BioMar succeeded in improving EBITDA by 26% when looking across consolidated companies and joint ventures.

“I am extremely satisfied with our business performance for 2023. We have continued to optimize our product portfolio and product concepts, being proactive in the development of 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 (USD 2.9 billion) and an EBITDA of DKK 1.4 billion (USD 203 million),” explained Carlos Diaz, CEO of BioMar Group.

“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 share an ambition of a sustainable and efficient aquaculture,” explained Diaz.

The revenue for 2023 ended at the same level as 2022 but with a slightly lower sales volume. The biological conditions in some geographies have been challenging; however, the development in volumes has mostly been a result of clear commercial positioning.

“We have prioritized building long-term product collaborations with our core customers, rather than chasing volumes. This means that our volumes have stayed stable compared to 2022. We are building a healthy business, which can further propel the development of our financial performance as well as our sustainability ambitions,” concluded Diaz.