August 17, 2020

BioMar achieves best half year during COVID-19 lockdown

BioMar's second quarter report has been released by its parent company, Schouw & Co.

The report underlines the sustainable growth of BioMar as increased volumes and revenue are accompanied by strong earnings.

Following an impressive first quarter, BioMar Group continues to deliver solid financial results. The sales volume increased by 9%, while the revenue increased by 7% compared to Q2 last year. The growth was mainly delivered by robust performance in the salmon markets across geographies, supported by BioMar's new salmon business in Australia.

According to BioMar, a strong product portfolio, competitive product offerings and close collaboration with customers overcoming the challenges of the pandemic have been some of the factors driving the results.

"We have seen that in times of crisis, solutions are to be found working together across the value chain. During the last months, we have collaborated with suppliers and customers ensuring business continuity and a stable food supply to the end-consumers. At the same time, we have experienced an immense dedication from our employees engaging in delivering high quality products and very competitive product solutions to our customers despite [COVID-19] lockdowns and market challenges", said Carlos Diaz, CEO of BioMar Group.

While BioMar's salmon feed business units have been high-performing during Q2 compared with the same quarter last year, its shrimp feed business has been slightly challenged due to the interruption of the Ecuadorian shrimp export to China following COVID-19. At the same time, the Mediterranean markets have been challenged, with the HORECA sector closing almost completely down in most European markets and travel restrictions affecting the tourist season, in addition to storm Gloria in Spain destroying significant farming capacity.

"This spring and early summer have been a very challenging and volatile period for all our business units, and we have constantly been on our toes. Fortunately, we have built an operation model where local agility is a cornerstone. Hence our business units have been empowered to find solutions together with the customers as the situation evolved. Being guided by a strong purpose makes it easier to be aligned and innovate when the world is constantly changing," said Diaz.

"I am proud, we are getting through the first period of the pandemic with such positive results. However, we are not on the other side yet and there will most likely be a further business impact from the challenging market conditions for our customers and, as BioMar, we will be there to support."

- BioMar