Chile’s largest salmon farming company, Salmones Camanchaca saw its earnings continue to recover in Q3 with its EBITDA making a strong leap from $3.6 million in the year-ago period to $25.6 million.
The company said the Q3 results are on par with pre-pandemic levels.
The improvement was driven by better salmon prices – they were up 20 percent year-over-year; higher sales volumes; and a product and market mix that optimized raw material returns and captured sales opportunities.
Harvest volume of Atlantic salmon was up 51 percent from Q3 2021 to reach 14,326 MT (whole fish equivalent).
Combined with higher sales volumes, operating revenue increased 46 percent to $95.9 million.
The outlook for the rest of 2022 is bright due to the continued supply-demand imbalance that’s expected to keep salmon prices strong, said Salmones Camanchaca Vice Chairman Ricardo García.
“Perhaps what is extraordinary about this 2022 is that the limitations of world supply and the strength of demand have allowed salmon prices to cover the significant cost pressures that we have experienced due to inflation on supplies and services,” García said.
“Salmones Camanchaca continues to deploy its strategy of adjusting production and commercial plans to better adapt to the effects of possible climate change, incorporating all risk mitigation practices and technologies, and developing main markets to come up with better solutions for our customers. These initiatives will mature in 2023, which will allow us to take a step forward in the use of our capabilities in 2024-2025.”
Estimated harvest volumes of Atlantic Salmon for 2022 remains at 45,000 to 46,000 MT, with similar volume expected in 2023. Harvest volume for the 2022 Coho season is estimated at 6,000 MT, and 10,000 MT in 2023.