BioMar started the year with strong results, having met the challenges of coronavirus with a high-performance across all geographies. The company said that it has, at the same time, been supporting customers and building inventories to met any business impact caused by the coronavirus.
The 2020 Q1 report reflects that the company has met the challenging market conditions due to the coronavirus while ensuring business continuity by increased inventories of raw materials and finished products. The increase in revenue and earnings was mainly driven by the salmon and shrimp segments, by innovative product offerings, new capacity and close cooperation with customers designing advanced feed solutions targeting the consumer market.
“On one hand, we are very proud to have started the year in a good way setting all-time records for a Q1, but we are very conscious of the potential impact of the pandemic on our business and the industry. Being in the food value chain, we play an essential role making sure high-quality products reach consumers. However, there are many uncertainties ahead financially as well as looking at the overall impact of the virus on the countries where we operate,” explained Carlos Díaz, CEO of BioMar Group.
“It has been our strategy from the beginning of the crisis to make sure we protect our people and ensure business continuity. We implemented hygienic measures and very rigorous protocols to maintain physical distancing in our factories. At the same time, we have collaborated with customers to find a way to get through the challenges together,” Díaz said.
BioMar reported a significant increase in earnings and revenue, but together with its owner, the industrial conglomerate Schouw & Co. (listed on Nasdaq Copenhagen), suspended specific financial guidance on the company due to global uncertainty following the coronavirus crisis.
“Right now, our focus is on handling the direct impact of the coronavirus and at the same time trying to prepare for the “new normal” which will follow. I believe that businesses able to turn this crisis into an opportunity by rethinking the future, will have a strong advantage going forward,” concluded Carlos Díaz.