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BioMar CEO Carlos Diaz is confident of delivering solid results this year. Photo: BioMar
BioMar CEO Carlos Diaz is confident of delivering solid results this year. Photo: BioMar

Aquaculture feed giant BioMar reported increases in volumes and revenues in the second quarter of the year compared to the same period in 2020.

This was despite a significant rise in raw material prices and logistic costs creating challenging margins, said the company.

However, sales in the salmon sector were down, with increased volumes in Europe and Australia countered by a decrease in Chile, due to reduced biomass, an algae bloom, and a local strike in one of the three production facilities.

Competition

The increase in total volumes sold was 4% compared to Q2 2020.

Carlos Diaz, CEO of BioMar Group, said: ‘We have managed to keep a good position in the markets despite intense competition for volumes and a situation where we have not been able to fully offset the steep increase in raw material prices.

‘Our development of new product solutions and the close collaboration with our customers during this pandemic period of volatility have been important drivers of our expansion in customer portfolio and volumes.’

He added: ‘We can clearly see that the global aquaculture industry has started to recover from the closing of the HORECA sector, the export and logistic challenges, and the Mediterranean storm Gloria, which in 2020 destroyed a significant part of the net cages in the area.

Expectations

‘However, we are challenged by raw material prices increasing beyond any expectations. This global development in raw material prices and freight costs puts pressure on our margins and earnings.

‘We face a very tough scenario for global raw material development, but I am confident we will be able to deliver solid results for this year.’