Chilean fishing and salmon-farming firm Blumar achieved net profits of USD 17.9 million (EUR 15.8 million) in 2024, which was an increase of 36 percent from the USD 13.1 million (EUR 11.5 million) it posted in 2023, as net income from its fishing segment outweighed losses from its aquaculture segment.
Blumar’s consolidated revenues for 2024 totaled USD 618 million (USD 545 million) – down 8 percent compared to 2023 due to lower turnover in both segments.
Of the firm’s total revenue, 52 percent, or USD 323 million (EUR 285 million), came from the sale of Atlantic salmon, while 46 percent, corresponding to USD 281 million (EUR 248 million), came from its fishing business. Within the latter category, fishmeal and fish oil accounted for 19 percent of the firm’s total revenue, frozen horse mackerel comprised 20 percent, and whitefish-derived products made up 7 percent.
Though total revenue was down, the company brought down its cost of goods sold 8 percent year over year to USD 490 million (EUR 432 million).
Without considering fair value, the firm’s EBITDA in 2024 reached USD 85.5 million (EUR 75.3 million), which was 6 percent lower than the USD 91.2 million (EUR 80.4 million) posted in 2023. Of that result, the company’s fishing segment was responsible for USD 74.6 million (EUR 65.7 million), down 15 percent year over year, which Blumar attributed to a poor sardine and anchovy season in Chile’s south-central area. On the other hand, its aquaculture segment was responsible for USD 10.9 million (EUR 9.6 million) in EBITDA – USD 7.2 million (EUR 6.3 million) higher compared to the previous year due to lower feed costs and better productivity.
Blumar’s 2024 net income of USD 17.8 million (EUR 15.7 million) included USD 31 million (EUR 27.3 million) from its fishing segment, which offset the USD 13.1 million (EUR 11.5 million) loss from its aquaculture segment. Blumar’s salmon-farming business was affected by USD 16.3 million (EUR 14.4 million) in financial costs, including a USD 5 million (EUR 4.4 million) provision for impairment losses on its assets at Entrevientos – a plant jointly owned with fellow salmon-farming firm MultiX that was completely consumed by a fire in February 2024.
For the fourth quarter of 2024, Blumar saw top-line revenues of USD 179 million (EUR 158 million), rising 35 percent from Q4 2023. Of that total, USD 51.6 million (EUR 45.5 million) came from its fishing operations and USD 127 million (EUR 112 million) from aquaculture.
Q4 cost of goods sold increased 18 percent year over year to USD 150 million (EUR 132 million).
The firm’s Q4 EBITDA before fair value was USD 18.1 million (EUR 15.9 million), compared to an EBITDA loss of USD 16.2 million (EUR 14.3 million) in the same quarter from one year previous.
Blumar posted a Q4 net profit of USD 11.8 million (EUR 10.4 million), compared to a net loss of USD 16.1 million (EUR 14.2 million) from the same quarter of 2023, comprising a USD 2.1 million (EUR 1.8 million) loss from fishing operations and USD 13.8 million (EUR 12.2 million) in profits from salmon farming.
Blumar said the end of 2024 marked one year under its Contracorriente (“Against the current”) project, which aims to increase the efficiency and profitability of its salmon business.
The three-year project focuses on six areas – farming, processing, commercial, procurement, capital expenditures, and sales and operations planning – and Blumar said its projected annualized impact has been higher than that defined in the original plan.
