Agrosuper’s Q1 income surges 47 percent due to acquisition of AquaChile

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The EBITDA margin for the aquaculture segment of Agrosuper reached 19.9 percent in Q1.

With the acquisition of AquaChile, salmon is now the biggest part of Agrosupers business. In the first quarter of 2018, salmon accounted for 15.2 percent of the group’s protein sales, while for the same period this year, the product climbed to 42.5 percent.

“This first quarter, the EBITDA margin for the aquaculture segment (the Los Fiordos, Salmones Friosur, and AquaChile integration) reached 19.9 percent. This margin was lower than in the first quarter of 2018, explained mainly by the lower margins of the acquired businesses, which will place more emphasis on the transfer of good practices and the capture of synergies,” Agrosuper states in its quarterly report.

Regarding net profits for the segment, they showed a decrease of 9.4 percent compared to the same period of the previous year, due to an increase in sales and distribution costs in both segments and a greater financial expenses load.

The EBITDA margin of the meat segment was 11.5 percent (chicken, pork, turkey and processed products) and 19.9percent – without fair value – for the aquaculture business.

“The salmon business (Los Fiordos, Salmones Friosur, Salmones Magallanes and AquaChile) has already started to operate as a single company, focused on capturing synergies with the aim of making its production more efficient and sustainable,” Agrosuper writes.