Danish aquaculture feed giant BioMar Group has reported a robust performance for the first half of 2024, despite facing challenges in volume development.
The company’s EBITDA for the second quarter increased by 36% compared to the same period last year, signaling a strong momentum that could lead to an all-time high annual result.
The company’s second-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) rose to DKK 361 million ($53 million), putting it in contention to deliver a record high for the year.
Carlos Diaz, CEO of BioMar Group, highlighted the company’s strategic focus on operational and commercial excellence, moving beyond a transactional approach to becoming a more integrated partner for customers.
“This approach has enabled us to attract and develop our customer base, but it has also affected our volume growth as we prioritize efficiency and strong partnerships,” Diaz explained.
The midyear report indicates solid financial outcomes across BioMar’s divisions, although both volumes and revenue are slightly lower than in 2023.
The decline is attributed to lower raw material prices in several categories and decreased volumes in the Salmon division, driven by varying sales contract positions and biological challenges in some markets.
BioMar’s joint venture feed companies in Turkey and China continue to perform well, despite lower revenue due to decreased raw material prices and a shift towards lower credit risk in commercial activities. Diaz noted that the company’s focus on commercial excellence and internal efficiency has kept EBITDA close to 2023 levels.
BioMar, a global leader in high-performance aquaculture feed, operates 17 factories worldwide, supplying feed to around 90 countries for over 45 species. The company is fully owned by the Danish industrial group Schouw & Co, listed on NASDAQ Copenhagen.
