May 13, 2020

 

BioMar reports good start to the year amid health crisis

 

 

Despite the challenges of the novel coronavirus, BioMar reported that it has started the year with strong results, having achieved a high performance across all geographies.

 

The Danish aquaculture company said it has been reaching out to support customers and building inventories to meet any business impact caused by the health crisis.

 

The first-quarter report for BioMar Group shows that the company has met the challenging market conditions of the coronavirus head-on while ensuring business continuity through increased inventories of raw materials and finished products.

 

 

The increase in revenue and earnings were mainly driven by the salmon and shrimp segments, by innovative product offerings, new capacity and close cooperation with customers designing advanced feed solutions targeting the consumer market.

 

'All-time records'

 

"On one hand, we are very proud to have started the year in a good way setting all-time records for a Q1, but we are very conscious of the potential impact of the pandemic on our business and the industry", said Carlos Diaz, CEO of BioMar Group.

 

"Being in the food value chain, we play an essential role, making sure high-quality products reach consumers. However, there are many uncertainties ahead financially as well as looking at the overall impact of the virus on the countries where we operate".

 

He said that since the start of the crisis, it has been the company's strategy to protect its employees and ensure business continuity. "We implemented hygienic measures and very rigorous protocols to maintain physical distancing in our factories. At the same time, we have collaborated with customers to find a way to get through the challenges together".

 

Diaz said that while the company's focus at present is on handling the direct impact of the coronavirus, it is preparing for the "new normal" that will follow. 

 

"I believe that businesses, able to turn this crisis into an opportunity by rethinking the future, will have a strong advantage going forward", he said.