BioMar reports ‘best first quarter ever’

BioMar Group said it has achieved a record first quarter of more than DKK 310 million (US$ 44 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA), including revenues from all its feed companies managed and joint ventures. 

The aquaculture feed company said in a company statement that its Q1 record was driven by higher margins due to changes in the product portfolio mix and more “commercial excellence” efforts. 

“After a strong 2023, we have managed to keep momentum and deliver a very strong Q1. All divisions have contributed with results above the expected, which has added up to the overall record for the group. I am proud of the commitment from our employees across the world, and very proud to experience the positive outcome of our increased focus on sustainability as well as our commercial excellence projects,” said Carlos Diaz, BioMar chief executive officer.

BioMar said it realized an eight per cent lower sales volume in Q1 2024 compared to the same time last year, however, strong growth in the shrimp feed segment might have partly offset lower sales volumes in the salmon feed segment.

The company attributed the decrease in volumes to biological issues in different markets, and an increased focus on long-term customer collaboration. BioMar is hence focused on moving from market share to value creation. The company also said its lower revenue is explained by lower raw material prices and exchange rates.