Solid start to 2023 for BioMar
The company also reported strong performance of joint ventures in China and Turkey.
BioMar reported a strong result for the first quarter of 2023 compared to the turbulent beginning of 2022. While EBITDA was more than doubled, revenue grew by 21%. At the same time, BioMar reported the strong performance of joint ventures in China and Turkey.
Across the divisions, BioMar showed solid results in Q1. While the EMEA division is getting back on track after the decision to pull out of Russia in 2022, the Salmon division delivered stable results. In the LATAM division, volumes have increased, mainly driven by the continuous development of strong product offerings and new production capacity in Ecuador.
“I am very satisfied with the overall performance of BioMar. Despite some challenging market conditions in both the salmon and the shrimp industry, we are continuing to consolidate our position. At the same time, we have reflected our actual cost structure in our prices and built new pricing models together with our customers, ensuring a solid financial performance regardless of the turbulence,” explained CEO Carlos Diaz.
“Furthermore, I am very proud to see the results of our non-consolidated joint ventures reaching new levels. As part of our growth strategy, we decided to be present in the important aquaculture markets in Turkey and China. It took time to build the business, but now we can see that the joint effort with our partners is paying off. We have more than doubled both revenue and EBIT since Q1 last year,” stated Diaz.
BioMar maintains the guidance for the year 2023, being confident in reaching revenue of DKK 18-19bn, with an EBITDA guidance in the range of DKK 1,080-1,150m.