AquaChile said that decreased costs for its Atlantic salmon, Pacific salmon, and tilapia, paired with good sales prices for all its salmon and trout species, helped deliver net profits of USD 58.9 million (EUR 48.2 million) in 2017.
In a statement, the firm said that the 2017 figures far exceeded its bottom line in 2016, when profits totaled USD 6.9 million (EUR 5.6 million).
Consolidated sales through 31 December, 2017, reached USD 632.7 million (EUR 518 million), up only 2 percent compared to its 2016 sales. The fourth quarter of 2017 was particularly positive, with profits of USD 25.1 million (EUR 20.5 million) and consolidated sales of USD 208.8 million (EUR 170.9 million).
“The good figures of 2017 start to reflect the integration of efficiency measures that we have implemented. This is how the evolution of lower costs in seawater production during the year allows us to compensate for a price reduction seen in the second quarter,” AquaChile CEO Agusti Ugalde said in the company’s announcement of its results.
The annual EBITDA, before fair value, was USD 141.9 million (EUR 116.2 million), improving on the USD 56.2 million (EUR 46 million) reported in 2016. This increase came from improved sales margins in all of its traded species, and a 13 percent decrease in operational costs. The firm started its cost efficiency program two years ago.
AquaChile expects to produce 110,000 metric tons of Atlantic salmon, Pacific salmon, trout, and tilapia this year, and export to more than 35 markets. The firm is also planning to raise up to USD 200 million (EUR 163.7 million) in capital for organic growth and potential acquisitions through a listing on Norway’s Oslo Stock Exchange.
