Profand Fishing Holding hit over EUR 1 billion (USD 1.1 billion) in revenue for FY 2024 – a first for the company.
Vigo, Spain-based Profand said its revenue hit just under EUR 1.01 billion (USD 1.14 billion) in FY 2024, marking an 8 percent increase compared to the EUR 930 million (USD 1 billion) it posted in FY 2023. That revenue came on a production volume of 78 million trays, a 13 percent increase.
The company said it achieved an EBITDA of EUR 76 million (USD 86 million) in FY 2024, an 11 percent increase over the EUR 68 million (USD 77 million) it posted in FY 2023. The company attributed the stronger earnings to better margins and the normalization in the cost of raw materials.
According to Profand, of the 78 million trays of product it sold in 2024, 69 million were produced in Spain. The company credited the increase to Spanish supermarket chain Mercadona, which Profand serves as a specialist intersupplier.
Mercadona sold seafood processor and distributor Caladero to Profand in 2019, and Profand is now the supermarket chain’s main supplier of seafood.
Profand said it continued to make investments in the business, putting EUR 20 million (USD 22 million) into improvements in 2024 that continued what it said is a “strong investment plan implemented over the past three years.”
The company said its success has allowed it to increase its workforce in 2024, with its global workforce increasing by 433 to reach 5,585 employees globally. Of that, 2,100 employees are in Spain.
The company said it also made progress on sustainability objectives, including the recently acquired Marine Stewardship Council certification of its Argentine red shrimp fishery. The company also achieved certification to the Responsible Fishing Vessel Standard (RFVS) for its squid and shrimp vessels in Argentina.
“Through our Profand 4 Future strategy, we place great emphasis on social and environmental responsibility, and this certification is the result of collective effort, dedication, and teamwork,” the company said.
