Salmones Camanchaca reports revenues of USD 80.9M, up 16.3% compared to Q1 2021

Salmones Camanchaca reports revenues of USD 80.9M, up 16.3% compared to Q1 2021

Salmones Camanchaca has reported an operating revenue that amounted to USD 80.9 million during Q1 2022. Up 16% from USD 69.6 million in the corresponding period in 2021. The company attributes this fee to a 34% increase in prices, despite lower sales volumes and lower average weight.

Thereby, the harvest volume of Atlantic salmon in Q1 2021 was 8,108 MT WFE, down 11.5% from Q1 2021. As one site with low oxygen levels forced early harvesting resulting in a total average harvest weight of 4.2 kg.

On the other side, Atlantic market prices were at record high levels during the quarter, up 34% year-over-year. Sales volume fell 12.4% to 10,566 MT WFE. The cost of Atlantic salmon harvested was up 11% to USD 4.36/ kg, driven by early harvests. This was due to low oxygen level events, and harvest from fish exposed to the 2021 Comau algae bloom.

Finally, the report indicates a quarterly EBITDA of USD 3.7 million, compared to a negative USD 7.4 million in Q1 2021. The estimated harvest volumes for 2022 remain between 51,000 and 54,000 MT WFE. This comprised 45,000-47,000 MT WFE of Atlantic salmon and 6,000-7,000 MT WFE of Coho salmon.

Relying on salmon

Regarding the results, Salmones Camanchaca vice-chairman, Ricardo García, said: "Salmon demand in the world remains strong and consumers have added more salmon to their weekly diet. It has favored their prices and offsets important increases that we have seen in product cost components."

Besides, he added: "In these months, we have met the world's great buyers, at the Boston and Barcelona fairs. It confirmed the great interest that exists in Chilean salmon. Because of its high nutritional value and its quality. Also, it is more sustainable than the vast majority of other proteins."

Moreover, he confirmes that the farming conditions have improved in 2022. Because of the weather in March, which reflected in lower mortalities and better feed conversions. "However, we detected low oxygen levels in several places, especially in Los Lagos region, which reduced the fish growth, lowered their average harvest weight and made final product more expensive," he pointed.

"This is a situation we are closely monitoring. At the end of the quarter, we left behind the unfavorable algae events of the first part of 2021, and recovered results, but still far from what the next two quarters should be," García concluded.

Salmones Camanchaca confirmed in April, it will use its new office in northern Spain to expand itself through the European markets.

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