Aker Biomarine was awarded the Norwegian Export Prize for 2024, underscoring its success in international markets.
Norwegian fishing and biotech company Aker Biomarine, announced in its latest quarterly report that it achieved an adjusted EBITDA of $15 million in the first quarter of 2024, a significant increase from $6 million during the same period last year.
The company’s net turnover rose to $78 million from $69 million, while its operating loss decreased to $5.6 million from $9.4 million.
The company reported a production volume of 21,306 tons of krill in the first quarter, up from 19,852 tons in the previous year.
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Despite a strong start in other areas, Aker Biomarine’s Consumer Health Products segment experienced a weak beginning in 2024. However, the company noted that overall demand remains strong, particularly in the US private label market, which is benefiting from an increased focus among retailers on private label offerings to compete with the growing e-commerce market.
The report also highlighted that krill catch has been favorable, with a 10 percent increase compared to the same period last year. This growth is expected to contribute to increased production at the company’s Houston plant and drive gradual margin improvements throughout the year, with full effects anticipated by 2025.
Aker Biomarine stated that all major capital projects have been completed and that operational investments for 2024 will focus on maintenance and minor improvement projects, with an expected total of $15-20 million.
A new addition to its operations, a drone commissioned on the harvesting ground, has proven its capability to identify krill, enhancing the efficiency of Aker Biomarine’s harvesting operations.
Further bolstering its reputation, Aker Biomarine was awarded the Norwegian Export Prize for 2024, underscoring its success in international markets.
