March 7, 2022

BioMar reports 14% revenue growth in 2021

BioMar concluded 2021 with solid growth across markets with a significant increase in volumes and revenue, reaching an all-time high level, the company announced.

It ended the year with a slight decline in EBITDA compared to 2020, while revenue grew by 14% and volume increased by 8% for consolidated companies.

BioMar's bottom-line results were affected by the global increase in raw material prices, logistic costs and energy prices. Its strong growth was driven by a favourable commercial position in promoting high-end product ranges and delivering strong customer service, BioMar explained.

The increase in Q4 revenue by 33% and an increase in sales volumes by 14%, was mainly driven by the company's salmon division and its shrimp business in Latin America. "I am very satisfied by the performance of the company despite the results not following the development of the top line," said Carlos Diaz, chief executive officer of BioMar Group. "We, along with all other feed producers, are challenged by a situation no one has even seen before. Energy prices has been going through the roof, raw material prices have increased significantly, and logistic costs are at a level we have never seen.

"We are working with our customers to find sustainable commercial solutions going forward and we will probably need to look into a new generation of contracts where the volatility of the markets is taken into account to ensure an optimal pricing structure for our customers."

- BioMar