Aker BioMarine posts solid earnings growth

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On Tuesday, Aker BioMarine presented an adjusted EBITDA of USD 21.1 million after USD 75.5 million in revenue for the fourth quarter of 2020. The corresponding figures for the same quarter the year before were USD 8.2 million and USD 71.9 million.

Net income was USD 4.2 million, compared with a deficit of USD 17.8 million last year.

Aker BioMarine harvested 2,500 tonnes of krill in Antarctica in the quarter. This was significantly lower than previously expected, between 6,500 and 7,500 tonnes. This was due to krill appearing later than anticipated in the area.

“Harvesting picked up to record levels in the beginning of 2021,” the company wrote in an Oslo Stock Exchange announcement.

For the full year, EBITDA was USD 78 million, compared with USD 53 million for 2019.

“It was an eventful year, to say the least. Even in the face of Covid-19-related challenges in 2020, our business continued as usual thanks to the relentless efforts and dedication of our global team. We grew our top line by 17 per-cent, and we managed to onboard new customers and enter new markets amidst pervasive travel restrictions. I am pleased to see the scalability of Aker BioMarine’s business model coming to life, with a 2020 adjusted EBITDA growth of 47 per-cent. Despite the challenges and curveballs thrown at us in 2020, Aker BioMarine delivers strong financial numbers for the year, giving me great optimism for a promising and innovation-filled future,” said Aker BioMarine CEO Matts Johansen.

For many years, the salmon feed company BioMar has been one of Aker BioMarine’s largest krill customers.