Chilean fishing and salmon-farming firm Camanchaca saw its after-tax profit jump to USD 22 million (EUR 20.3 million) for the full year 2024, quadrupling the USD 5.4 million (EUR 5 million) it posted in 2023 thanks to strong performances in both its fishing and salmon-farming divisions.
“Our focus on quality, efficiency, and scale is paying off and the 2024 numbers prove it,” Camanchaca CEO Ricardo García Holtz said.
He credited the company’s healthy profitability to its fishing and salmon divisions recovering from a poor 2023, coupled with obtaining the most added value from raw materials and “efficient” back-office support.
When compared to 2023, full-year 2024 revenues increased 7 percent to USD 813 million (EUR 752 million). The company’s EBITDA increased 18 percent year over year to USD 106 million (EUR 98 million), of which 53 percent came from the Fisheries Division which reached USD 56 million (EUR 51.8 million), similar to that of 2023. The remainder came from its Salmon Division which reported an EBITDA of USD 51 million (EUR 47.1 million), 45 percent higher than the USD 35 million (EUR 32.3 million) reported in 2023.
As previously reported by its salmon-farming division, in 2024 Salmones Camanchaca harvested 47,661 MT WFE of Atlantic salmon and sold 49,365 MT WFE, up 8 percent and 15 percent, respectively, when compared to 2023. Revenues for the year increased 14 percent to USD 405 million (EUR 374 million), compared to the USD 354 million (EUR 327 million) posted in 2023, mainly due to higher volumes sold,but partially offset by a 6 percent year-over-year drop in average prices of Atlantic salmon and a 16-percent fall in coho prices.
Camanchaca’s Fisheries business posted revenues of USD 307 million (EUR 284 million), in line with that of 2023. The segment processed 289,000 metric tons (MT) of its own and third-party pelagic catches, an increase of 10 percent compared to 2023.
Total catches processed in the north fishery reached 94,000 MT, doubling that of 2023. Camanchaca said that while anchovy catches in the region were below their historical levels, it had a solid performance in horse mackerel and mackerel, reaching 49,000 MT in 2024, up 16,000 MT from 2023. Purchases from artisanal fishers reached 44,000 MT, also concentrated in horse mackerel and mackerel, more than triple 2023 levels. Camanchaca said the strong performance of horse mackerel helped offset a weak season of artisanal sardine purchases.
In the central-southern zone, jack mackerel catches increased 21 percent to 144,000 MT, leading to frozen horse mackerel production of 108 million kilograms, up 35 percent year-over-year. Sales value jumped 22 percent to USD 102 million (EUR 94.3 million), bolstered by a 4 percent boost in average prices to USD 987 (EUR 912) per MT. Camanchaca said that its purchase of sardines, anchovies, and other pelagics from artisanal fishers in the south-central zone fell by 58 percent to 36,000 MT, while oil yield fell from 8.2 percent in 2023 to 6 percent in 2024, coupled with a 17-percent drop in the average price of oil to USD 3,962 (EUR 3663) per MT – “a triple impact … explaining the weak results associated with the production of meal and oil.”
The company noted that in January 2025 its Board of Directors decided to close the abalone business in the Atacama Region due to weak demand, high costs, and a significant increase in the supply of Chinese product. The closure meant a USD 4.9 million (EUR 4.5 million) after-tax hit for impairment of assets and disposal of lesser biomass.
