BioMar reports record profitability in 2024 despite declining volumes.
BioMar has reported its strongest financial performance to date, achieving record profitability in 2024 despite a decline in revenue and volumes. The company’s EBITDA increased by 18% across its consolidated businesses, reflecting a strategic focus on operational efficiencies and portfolio optimisation.
CEO Carlos Diaz attributed the improvement to targeted commercial decisions, stating, “We have driven a meticulous focus on building a strong business, and the increase in profitability is the result of an unwavering strategic focus on optimising our product portfolio, combined with a series of operational excellence measures.”
Full-year revenue declined by 7% to DKK 16.6 billion ($2.4 billion), while consolidated volumes fell by 5% to 1,372 million tonnes. BioMar pointed to biological conditions in Norway and Chile, as well as energy shortages in Ecuador, as factors impacting sales. Additionally, the company steered away from lower-margin contracts and high-risk customers, prioritising long-term value over market share.
The company’s joint ventures in China and Turkey also performed well, reporting non-consolidated revenue of DKK 1.5 billion ($218 million) and an EBITDA of DKK 166 million ($24 million) on a 100% basis.
Looking ahead, BioMar has provided 2025 revenue guidance of DKK 16.0-17.0 billion ($2.36-2.51 billion/€2.11-2.26 billion), with an expected EBITDA in the range of DKK 1,470-1,570 million ($216-229 million/€187-200 million). The company cautioned that market conditions and raw material price volatility could significantly impact forecasts.
