Mediterranean sea bass and sea bream producer Nireus Aquaculture SA sold almost 10 percent more fish in the first nine months of this year than it did in the corresponding period of 2016 and in doing so offset the impact of an anticipated price reduction, the company said.
In value terms, Nireus’ sales during the last nine months amounted to EUR 159.1 million (USD 188.2 million), representing an increase of 6.8 percent year-on-year. Exports, which accounted for 79 percent of sales, totaled EUR 125.7 million (USD 148.7 million) during the same period, up 4.8 percent.
The company’s operational earnings before interest, taxes, depreciation, and amortization (EBITDA) prior to the impact of biological assets for the nine months amounted to EUR 19 million (USD 22.5 million), up from EUR 15.6 million (USD 18.4 million) in the corresponding period of 2016.
Total pre-tax profits also improved – up to EUR 9.9 million (USD 11.7 million), compared with a loss of EUR 3.9 million (USD 4.6 million) for the first three quarters of 2016.
“The achievement of these results proves that Nireus has the infrastructure and human resources necessary to become the focus of the new era of the Mediterranean fish farming industry and its most appropriate lever of growth,” Nireus CEO Antonis Chachlakis said.
Founded in 1988, Nireus has production facilities in Greece, Spain, and Turkey and exports to more than 35 countries. Its operations include four hatchery units, three pre-growing units, 31 fish farms, a research center, two fish feed production units and a processing unit.
