Navigating troubled waters
In 2021 BioMar had solid growth across all markets with a significant increase in volumes and revenue. A favourable commercial position drove growth in high-end product ranges. However, the bottom-line results were affected by the global rise in raw material prices, logistics costs, and energy prices.
As we entered 2022, the year looked promising, with the pandemic effects beginning to disappear and normality gradually returning. However, another crisis quickly became a reality, which undoubtedly will affect this year for all of us.
We followed our values and took the tough decision to suspend all trade operations with Russia for feed sales and raw material procurement. Russian sales have been an important part of our business, especially for the BioMar units in Denmark and Norway. We had also sourced key raw materials from the area now affected by the conflict.
To our surprise, other major feed suppliers chose to profit from the situation rather than take a similar decision as us. Regardless of the business implications, we would make the same decision again. Why? Because it is the right thing to do.
Carlos Diaz, Chief Executive Officer, BioMar Group