BioMar closed 2021 with 14% revenue growth

Fish feed. Photo: Adobe Stock.
Fish feed. Photo: Adobe Stock.

BioMar closed 2021 with revenue growth by 14% and volume also increased by 8% for the consolidated companies. The feed manufacturer reaches an all-time high level, driven by a favorable commercial position in promoting high-end product ranges and delivering strong customer service. The increase in Q4 revenue by 33% and in sales volumes by 14%, was mainly driven by the Salmon Division and the Shrimp business in Latin America. However, the final results were affected by the global increase in raw material prices, logistic costs, and energy prices, and the company ended the year with a slight decline in EBITDA compared to 2020.

Despite the issues, Carlos Díaz, CEO BioMar Group, is positive about the results. "I am very satisfied by the performance of the company despite the results not following the development of the top line. We along with all other feed producers are challenged by a situation no one has even seen before. Energy prices has been going through the roof, raw material prices have increased significantly, and logistic costs are at levels we have never seen", explains.

Looking for solutions

"We are working with our customers to find sustainable commercial solutions going forward and we will probably need to look into a new generation of contracts where the volatility of the markets is taken into account to ensure an optimal pricing structure for our customers", concludes Díaz.

Founded in 1962 by a group of Danish fish farmers, BioMar is a world leader in high performance diets for more than 45 different fish and shrimp species operating in more than 80 countries. As shown by its recent inclusion of microalgae in its portfolio of raw materials, the company heritage is a long-term commitment to developing the aquaculture industry responsibly and sustainably, by innovating efficient, safe, and nutritious feed for aquaculture with minimal environmental impact.

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