Mediterranean seabass and seabream producer Nireus Aquaculture SA has returned to operating profitability after many years in the red, posting a pre-tax operating profit of EUR 68.1 million (USD 77.4 million) for 2015, up from a loss of EUR 16.5 million (USD 18.8 million) in the previous year.
The Greece-based group’s sales totaled EUR 185.4 million (USD 210.8 million) last year, a growth of 4.5 percent year-on-year from continuing operations, but represented a 4.3 percent drop compared to 2014, which reached EUR 193.7 million (USD 220.3 million).
Sales within the aquaculture segment increased by 9.3 percent, which corresponded to 90 percent of total sales. Exports from continuing operations, which accounted for 81 percent of sales, amounted to EUR 149.6 million (USD 170.1 million), representing an increase 8 percent or EUR 11.2 million (USD 12.7 million) compared to 2014.
Last year’s earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 34.3 million (USD 39 million), up from EUR 13.5 million (USD 15.4 million) in 2014. The EBITDA prior to the impact of biological assets amounted to EUR 22.3 million (USD 25.4 million), compared to EUR 7.9 million (USD 9 million) in 2014 – an improvement that was attributed to increased sales volumes, higher fish prices and an increase in the volume of ending inventory of biological assets.
“The year 2015 was a milestone for the group, given that despite the extremely difficult political and economic conditions, we managed to recover, after several years, to operating profitability,” said Antonis Chachlakis, CEO of Nireus.
“Having now set solid foundations, we hereby commence as of the beginning of 2016 from a new starting point, focused on the strategic planning of our growth in the forthcoming years. The prospects of our industry remain positive despite the difficult conditions prevailing in the international arena. Our strategic priorities are focused on developing new species and products, on penetrating into new markets and activities in view of production sustainability.”
Chachlakis said the implementation of the planned investments of EUR 15 million (USD 17.1 million) in the next two years included research and innovation, marketing actions, introduction of automation and improvement in production and organizational structure for greater efficiency.
“Our goal is to maintain the Nireus Group on a profitable path, constantly creating added-value for our shareholders, employees, partners and customers who have granted us with the honor, providing timeless support and confidence throughout these years. In fulfillment of this objective, we intend to attract notable investors, thus taking the lead in developments with the intention of achieving the promotion and strengthening of our industry, that which already significantly contributes to the national economy," he said.
Nireus has production facilities in Greece and Spain and exports to more than 35 countries. Its business includes four hatchery units, three pre-fattening units, 28 fattening units, a research center, two fish feed production units, a processing unit and an aquaculture equipment manufacturing company.
