March 6, 2020
BioMar reports record earnings for 2019
Danish firm BioMar Group reported record revenue and earnings for 2019, reflecting increased volumes sold and stronger product offering. All three business divisions contributed to the positive development, the company said.
Adjusted for IFRS (International Financial Reporting Standard) 16, EBITDA (earnings before interest, taxes, depreciation and amortization) increased 15% to 966 million Danish kroner (US$ 146.37 million) compared with 2018. At the same time, revenue increased 8% to DKK11.18 billion ($1.69 billion), mainly driven by the salmon division, where innovative product offering and close collaboration with customers around advanced feed solutions continue to create growth.
BioMar Group CEO Carlos Diaz said: "It is a great achievement for the entire group, that we have turned an ambitious strategy into tangible results. We have during the last year expanded capacity and global presence. At the same time, we have gone through extensive structural and organisational changes. These initiatives are now filtering through to results in the shape of an ability to serve a broader customer base, better price/volume balance as well as a range of advanced product offerings.
"Furthermore, we have expanded our portfolio of products designed in collaboration with our customers, tailored to target the growing end-consumer segment of people ready to choose products with a strong profile related to sustainability and health benefits".
BioMar Group expects 2020 to bring further capacity on stream and continue to underline the global presence of the company, which is already commissioning a new factory in Australia, even as the second factory in China is preparing for opening as soon as the restrictions related to COVID-19 are removed.
Furthermore, the announced capacity expansions in Denmark and Ecuador increase the possibility to meet customer demands and open up for new product offerings within extruded shrimp feed and RAS feed.