BioMar has reported year-on-year volume sales up by 9% and an increase in revenue by 42% corresponding to Q2 2022. Moreover, earnings went up by 24% compared to Q2 2021.
According to the company, this improvement was driven by higher sales volumes, raw material prices, and to some extent currency rate development.
Also, it confirmed is still challenged by raw material prices, energy costs, and the impact of suspending trade with Russia. However, BioMar's earnings improved significantly, causing the company to raise guidance for the full year.
Therefore, Carlos Diaz, CEO BioMar Group, commented: "Production costs continue to be a challenge. But together with our customers, we have been able to find commercially viable solutions, safeguarding the strength of the value chain."
"I am proud to announce the strong growth trend in sales volumes being confirmed. Production costs continue to be a challenge," he added.
On the other hand, Diaz regretted the attitude of other companies: "It is still surprising and disappointing to witness some of our main global competitors continuing to trade with Russia. Both selling feed and buying raw materials, in a way taking advantage of the situation.
As a consequence of this report, the Group has now raised its earnings guidance for 2022 by DKK 55 million to EBITDA in the DKK 910-960 million range after recognition of provisions for losses on assets related to Russia.
Finally, he highlighted consumers' philosophy: "It is heart-warming to see that several of our customers have drawn the same line in the sand as BioMar. Despite the short-term business impact."
"BioMar is a purpose-driven company. To me, business ethics and our ability to protect our customer's brands must always come first," Diaz concluded.
Furthermore, BioMar has just announced a partnership with Síldarvinnslan to build a net-zero aquafeed facility in Iceland.
BioMar innovates in high-performance aquaculture feed. It dedicates to creating a healthy and sustainable global aquaculture industry.
The company operates 17 feed factories across the globe. In Norway, Chile, Denmark, Scotland, Spain, France, Greece, Turkey, China, Vietnam, Costa Rica, Ecuador, and Australia.
Worldwide, it supplies feed to around 90 countries and for more than 45 different species. BioMar is wholly owned by the Danish industrial group Schouw & Co, which is listed on the NASDAQ, Copenhagen.