BioMar group achieves "best results ever"

BioMar CEO Carlos Diaz is "extremely satisfied" with the group's business performance in 2023, celebrating record revenue of DKK 20 billion and EBITDA of DKK 1.4 billion.
Carlos Diaz, CEO of BioMar.

Carlos Diaz, CEO of BioMar.

Photo: BioMar.

Leading aquaculture feed manufacturer BioMar is celebrating a highly successful close to 2023, with the announcement of its fourth-quarter results - revealing the best results ever for the group, across all its divisions.

Volumes and revenue for the year were similar to 2022, however BioMar's EBITDA jumped a whopping 26% year-on-year, taking into account its consolidated companies as well as joint ventures in Turkey and China.

The group achieved a volume of 1.6 million tons, a revenue of DKK 20 billion (USD 3 billion / EUR 2.6 billion) and EBITDA of DKK 1.4 billion (USD 210 million / EUR 182 million).

Product portfolio optimized in response to markets

BioMar CEO Carlos Diaz puts the success down to the group's product optimization and responsiveness to its key markets.

“I am extremely satisfied with our business performance for 2023. We have continued to optimise our product portfolio and product concepts, being proactive to the development in the markets," Diaz said in a BioMar press statement.

"At the same time, we have improved our commercial performance both up- and downstream,” he continued.

The secret to success? Being "value creators" for both customers and suppliers, says CEO

According to Diaz, fundamental to the group's achievements is its collaborative approach up and down the value chain.

“The results have been driven by our efforts in positioning ourselves as value creators for customers as well as suppliers," Diaz said.

"To us, it is becoming increasingly important to create partnerships with suppliers of novel raw materials as well as forward-looking customers who believe in building long-term business relationships instead of a transactional value chain. It is only possible to change the future if we together share an ambition of a sustainable and efficient aquaculture," he added.

BioMar's focus is on long-term collaborations, instead of "chasing volumes", says Diaz

The revenue for 2023 concluded on par with 2022, though with a marginally reduced sales volume. While biological factors presented challenges in certain regions, the change in volumes can largely be attributed to strategic commercial positioning, the company said.

“We have prioritised to build long-term product collaborations with our core customers, rather than chasing volumes. This means that our volumes have stayed stable compared to 2022," Diaz explained.

"We are building a healthy business, which can further propel the development of our financial performance as well as our sustainability ambitions," Diaz concluded.

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