Record operating profit on the menu for feed maker
Aquafeed producer BioMar is forecasting a record operating profit for 2023 after a strong third quarter.
The Danish group’s consolidated companies sold 466,000 tonnes of feed in Q3, up by 5% compared to the 444,000 tonnes sold in the same period last year.
EBITDA in the quarter was DKK 470 million (£55m), up from DKK 403m in Q3 2022, and revenue was fractionally higher at DKK 5.814 billion (DKK 5.804bn).
“So far, we have experienced at very satisfying 2023,” said chief executive Carlos Diaz in a press release. “Building upon a solid first half year, we have accelerated our sales and improved the results, mainly due to our focus on developing the product offerings in the markets. We are looking at a very strong product pipeline with new concepts such as Blue Impact (BioMar’s most sustainable feed range).
“Based on the good momentum and solid outlook, we raise the full-year EBITDA expectations for 2023 to a 1,150-1,190 million range from previously DKK 1,080-1,150 million. This will be a record result in the history of BioMar. I am proud of the engagement from our employees across the globe, which forms the basis for turning a challenging year with volatile raw material prices into a success for BioMar and our customers.”
Diaz said joint ventures in China and Turkey were contributing significantly to results.
“Both in China and Turkey, we are in a good market position, and we have managed to increase volumes sold significantly. This enables us to be more efficient and brings us in a position where we can invest in building new products and open new market segments. I am confident, that we are entering into a positive cycle,” concluded Diaz.