Encouraging results for Multi X
Published
Chile’s second largest salmon farmer, Multi X, increased harvest volume and operating profit in the first half of 2025 compared to the same period last year, and also made a net profit, reports Fish Farming Expert's Chilean sister site, Salmonexpert.cl.
Harvest volume reached 54,765 tonnes (whole fish equivalent), an increase of 42.7%. The average weight was 4.91 kg WFE, up from the previous 4.74 kg WFE.
Operating revenue was US $436 million, 28% higher than the first half of 2024, and consolidated EBIT (earnings before interest and tax) was $31.8m, more than four times the $6.9m made in H1 last year.
The ex-farm cost for sale in H1 was $4.82/kg WFE, down 4.9%, driven by improved production performance (lower mortality and higher average weight), a downward trend in feed prices, and reduced expenses resulting from Multi X’s Humboldt operational efficiency project.
Higher margin, lower costs
Operating margin was $48m, $24.1m higher than in H1 2024, and the company's administrative and selling expenses were $16.2m, representing a decrease of $0.73m. This decrease was primarily due to the cost-saving measures for the Humboldt project, despite a 26.4% increase in sales volume.
EBITDA (earnings before interest, tax, depreciation and amortisation) reached $47.9m in the first half of the year, 117% higher than in H1 2024. There was a positive impact on non-operating results of $3.2m from the settlement of the Entrevientos processing plant fire in Punta Arenas and lower financial expenses (-6.4%) as a result of the reduction in financial debt and lower interest rates.
Consolidated net income for the first half of 2025, before fair value adjustment, was $16.3m, a $29.2m turnaround compared to a $12.8m loss made in the same period last year.
