Lysaker, Norway-based biotech and krill-harvesting company Aker BioMarine has recorded positive earnings and revenue for 2022, after two years of losses.
The company saw an increase in revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q4 2022, according to its latest results, released 15 February, 2023. It posted revenues of USD 79 million (EUR 73 million) for Q4 2022, up 4 percent from Q4 2021. The company’s adjusted EBITDA saw an even greater increase from USD 7 million (EUR 6 million) in Q4 2021 to USD 21 million (EUR 19 million) in Q4 2022.
“For the fourth quarter and for 2022 as a whole, we saw growth in revenues for Aker BioMarine, and we saw significant improvement in the EBITDA margin,” Aker BioMarine CEO Matts Johansen said in a webcast reviewing the results. “Also, both for the fourth quarter and full the full year, we reported positive net results. And that is an important milestone for Aker BioMarine to finally be in black numbers.”
The positive results reverse the trends the company has faced for the past few years. Aker BioMarine posted a net loss in Q4 of 2021 and for the year overall – losing USD 9.1 million (EUR 8.5 million) in the closing quarter of 2021 and USD 8.7 million (EUR 8.1 million) for the year overall. In 2020, the company also posted a loss over the year, reporting losses of USD 5.5 million (EUR 8.1 million).
Along with increases in revenue and earnings the company’s production in 2022 increased 19 percent, reaching 52,000 metric tons (MT), the company announced.
“You combine that with more or less stable cost space, [and] you have a significant drop in cost of goods and improvement on our margin across our products,” Johansen said.
Johansen said Aker's Q4 harvest was lower than expected, due to vessels coming three to four weeks later out of shipyards for maintenance and upgrades.
“But the 2023 season has started well, so far this year we are harvesting on par with Q1 last year, which was especially strong, so it’s looking very promising for a good harvest season in 2023,” Johansen said.
Johansen said the company is expecting to take delivery of an autonomous uncrewed search vessel in June 2023. Aker BioMarine has canceled its contract with Konsberg Maritime after “numerous delays,” he said, and the company ordered a replacement from Maritime Robotics instead.
The company also announced it has started an improvement program, with a goal of streamlining its operations, improving margins, and cutting costs. The implementation of the new program started in early 2023.
“To further strengthen our core business and create a more robust company, we have initiated an improvement program, where our goal is to realize annualized effects in excess of USD 20 million [EUR 18 million] within the next two years,” Johansen said.
Johansen said during the results webcast that the company will be gradually implementing the initiatives throughout 2023.
“We expect half of that impact to be realized during 2023, and the second half in 2024,” he said.
Photo courtesy of Aker BioMarine
