Aarhus, Denmark-headquartered aquaculture feed supplier BioMar Group saw a decline in sales volumes and revenue in Q3 2024 and announced that its parent company Schouw & Co. is evaluating whether to potentially list BioMar separately.
BioMar sold 429,000 metric tons (MT) in sales volume in Q3 2024, down from the 466,000 MT it sold in Q3 2023. Its consolidated companies achieved DKK 5.11 billion (USD 727 million, EUR 685 million) in revenue for the quarter, down from DKK 5.81 billion (USD 826 million, EUR 778 million).
BioMar also posted a lower EBITDA that coincided with the drops in revenue and volume. The company reported an EBITDA of DKK 463 million (USD 65.8 million, EUR 62.1 million), down from the DKK 470 million (USD 66 million, EUR 63 million) it posted in Q3 2023.
Despite lower results in the quarter, BioMar said its performance was still solid and indicated it will reach its earnings goal for the year. However, it revised its full-year revenue expectations downward due to decreasing raw material prices and other factors.
"In general, we are performing well across divisions despite challenges related to biological conditions in Norway and the Ecuadorian energy crisis, which has impacted our production of shrimp feed,” BioMar CEO Carlos Diaz said in a release. “Our focus on functional feed solutions combined with shared value creation with our customers is providing tailwind.”
Ecuador’s energy crisis has been ongoing since September as historic droughts limit the country’s ability to produce hydropower – which comprises nearly 60 percent of all electricity the country generates. The power issues have caused rolling blackouts and power outages that are negatively impacting the country’s shrimp industry, which in turn has lowered demand for BioMar’s feed products.
Year to date in 2024, BioMar has sold ...
