Despite lower sales volumes, BioMar reports an increase in revenue by 41%, while earnings recovered significantly compared to Q3 2021. The company is now raising earnings guidance for the full year to the range of DKK 960-1,000 million.
Q3 2022 report
Driven by a solid sale in the feed business combined strong results in the newly acquired AQ1, BioMar earnings went up by 45% compared to Q3 2021. The significant increase in revenue was mainly driven by higher market prices on raw material and to some extend currency development. Revenue for the year to date amounted to DKK 12,887 million, compared with DKK 9,256 million in the same period 2021.
“Coping with the consequences of pandemic, followed by the war in Ukraine and our exit from Russia, our organisation has focused on improving commercial and operational excellence. Developing our processes and creating value from data analytics is more important than ever to counteract the inflationary effects on our costs. We have been engaged in creating efficiencies in our supply chain, while working together with our customers designing new solutions for existing and new commercial relationships. We are still not at a normal profit level, but we are moving in the right direction”, comments Carlos Diaz CEO BioMar Group.
Earnings continue to be impacted by the missing sales from Russia and of replacing raw materials from Russian/Belarus. Based on the business results in Q3 and the improved prospects for the rest of the year, BioMar has now raised its earnings guidance for 2022 to the DKK 960-1,000 million range from the DKK 910-960 million range.
Results (51)
BioMar Group has announced a partnership for the manufacture and distribution of aquafeed through Fóðurblandan’s production facility in Reykjavik, marking a significant milestone as BioMar becomes the only global manufacturer with aquafeed production in Iceland.
he year 2024 underlined the long-term positive development of BioMar. Profitability was remarkably strong in a year of declining volumes and revenue. Concluding a successful year, BioMar achieved a strong Q4, resulting in the best results ever for the group.
Concluding a successful year, BioMar achieved a strong Q4, resulting in the best results ever for the group.
The first quarter of the year underlines the continuous strong performance of BioMar. Record high volumes for the quarter, combined with solid earnings, provides a head start on the year. Year-on-year, BioMar increased volumes by 12%, driven by a positive development across all segments. While Salmon feed volumes increased by 7%, Selected Species went up by 13% and Shrimp reached an impressive increase of 24% in feed volumes, mainly driven by the business in Ecuador.
Following the successful entrance into the shrimp feed market, the board of BioMar approves the acquisition of AQ1 Systems, the world’s leading producer of acoustic feeding technology for the shrimp farming industry.
The investment will allow for an expansion into a new, larger facility with the capability of performing trials in semi-industrial conditions.
By adding all the feed companies in the Group managed by BioMar, including joint ventures, BioMar ends with a record first quarter of EBITDA of more than DKK 310 million.
BioMar's third quarter reveals a decline in sales volumes year-on-year, while the company is still heading for a strong full-year result.
BioMar Australia is excited to announce a $15 million-dollar, nation-leading project to construct the first green methanol ready vessel in Australia.
Aquaculture Stewardship Council (ASC) is thrilled to announce that BioMar UK has become the first ASC certified feed production facility the United Kingdom.
The positive development is mainly driven by stronger development in the Salmon and LATAM divisions, compensating for a weaker result in the EMEA division.
The significant increase in revenue in Q1 was driven by higher sales volumes, raw material prices, and to some extend currency rate development.