‘A record result in the history of BioMar’: Earnings soar 17% for Danish feed giant
Company new expecting in excess of DKK 1.1 billion ($160 million) earnings for 2023.
Danish fish feed giant Biomar, a leading player in the aquaculture industry, has reported a 5% year-on-year increase in volumes for the third quarter of 2023.
The growth in sales volumes was accompanied by a 17 percent rise in earnings before interest, taxes, depreciation, and amortization (EBITDA), totaling DKK 470 million ($68 million). However, revenue for the quarter remained stable at DKK 5.8 billion ($845 million).
CEO Carlos Diaz commented on the company’s performance, stating, “We have accelerated our sales and improved the results, mainly due to our focus on developing the product offerings in the markets.”
The BioMar boss highlighted the company’s news sustainable feed brand, Blue Impact as an example of the strong lineup of products currently being released or in development.
This growth in volumes, coupled with a robust product strategy, has driven positive results for the company, said Diaz. “Based on the good momentum and solid outlook, we raise the full-year EBITDA expectations for 2023 to a DKK 1.1 billion ($160 million) range. This will be a record result in the history of BioMar.”