Profit up for Russia’s largest salmon farmer as revenue hits $225 million
Inarctica’s consolidated revenue for the first nine months of 2023 showed a 10% increase.
Russia’s largest salmon farmer Inarctica has delivered strong operating results for the first nine months of the year, according to unaudited figures from the company.
As of the end of September 2023, the biomass of fish in water stood at 33,700 tons, marking a 12% increase compared to the same period in 2022.
During the first three quarters of 2023, the company reported a 6% growth in sales volume, totalling 20,300 tons of finished products, compared to the corresponding period in 2022.
Inarctica’s consolidated revenue for the first nine months of 2023 experienced a 10% increase compared to the same period in the previous year, reaching RUB 20 billion ($225 million). This growth can be attributed to higher sales volumes and average prices.
The company’s EBITDA for the same period amounted to RUB 9.0 billion ($100 million), with an EBITDA Margin of 45%.
Ilya Sosnov, General Director of INARCTICA, emphasized the positive dynamics in the Russian market, both in terms of volume and value growth. He noted the company’s plan to expand its presence in the chilled fish segment, citing their current 21% share of the Russian aquaculture market in physical terms. Additionally, the substantial 12% year-on-year increase in biomass at the end of September 2023 positions Inarctica for future growth.
Sosnov highlighted the company’s strategic initiatives, including the completion of construction and acquisition of smolt growing facilities, the launch of a feed plant construction project, and the commencement of highly processed fish product production.
These strategic steps are aimed at driving growth, enhancing resilience, and maintaining operational efficiency, positioning Inarctica favourably among global industry players.