BioMar increased EBITDA last year despite difficult circumstances.

Feed producer BioMar lifted operating profit by 11% last year

We are very satisfied with the performance, says chief executive

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Danish aquafeed producer BioMar made an operating profit of DKK 1.013 billion (£120.6 m) last year after finishing 2022 with a strong final quarter.

Earnings before tax, interest, depreciation, and amortisation (EBITDA) were 11% higher than in 2021, mainly driven by stronger development in the company’s salmon and Latin America divisions, compensating for a weaker result in the Europe, Middle East, and Africa division.

“We are very satisfied with the performance of the group,” said chief executive Carlos Diaz. “We have been significantly affected by our exit from Russia and the increased raw material and energy prices, but we have managed to sustain a healthy business, continuing our growth strategy while expanding into the technology space.

BioMar made EBITDA of more than DKK 1 bn last year.

A slow start

“Financially, we had a slow start of the year due to several one-offs and the impact of the global inflation.

“However, our people around the world have made a tremendous effort building new and creative commercial solutions through an agile collaboration with customers. Hence, we have managed to conclude the year with a decent result, despite the global volatility.

“We are progressing as planned, executing on our 2028+ strategy ‘Above and Beyond’, both in terms of growth, product offerings, and increased efficiency.”

On top of the consolidated results, BioMar doubled the results of non-consolidated joint venture feed companies, mainly driven by the JV BioMar-Sagun in Turkey.