BioMar sees record results for 2023

Company says its performance was boosted by a strong fourth quarter.

Earnings Profit
Phongphan | Bigstock.com

Denmark-based aquafeed company BioMar Group saw record financial results in 2023, boosted by a strong fourth quarter.

Despite volumes and revenue for the full year being on level with 2022, BioMar succeeded in improving EBITDA by 26%, when looking across consolidated companies and joint ventures.

“I am extremely satisfied with our business performance for 2023,” said BioMar CEO Carlos Diaz. “We have continued to optimize our product portfolio and product concepts, being proactive to the development in the markets. At the same time, we have improved our commercial performance both up- and downstream.”

Including joint ventures in Turkey and China, 2023 resulted in a volume of 1.6 million tons, a turnover of DKK20 billion (US$2.93 billion) and an EBITDA of DKK1.4 billion, he added.

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

The revenue for 2023 ended at the same level as 2022, but on a slightly lower sales volume. The biological conditions have in some geographies been challenging. However, the development in volumes has mostly been a result of a clear commercial positioning.

“We have prioritized 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. We are building a healthy business, which can further propel the development of our financial performance as well as our sustainability ambitions,” Diaz said.

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