Oslo, Norway-based biotech and krill-harvesting company Aker BioMarine ASA achieved revenues of USD 56.9 million (EUR 53.9 million) and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD 8.1 million (EUR 7.7 million) in the first quarter of 2022, compared with USD 50.1 million (EUR 47.5 million) and USD 6.8 million (EUR 6.4 million) in the corresponding period of 2021.
According to the company’s Q1 2022 report, sales in its Ingredients segment were in line with the same quarter last year at USD 30.1 million (EUR 28.5 million), while sales in its Brands segment were up 32 percent year-on-year to USD 30.5 million (EUR 28.9 million), and its offshore production volume reached an all-time high of 20,809 metric tons (MT) in the period.
Aker’s Brands segment was boosted by significantly increased sales of the company’s U.S. consumer krill oil brand, Kori, as a result of a national roll-out of the brand in both Sam’s Club and Costco. In addition, the private-label business, Lang, experienced a boost due to higher sales to Epion, as well as increased private-label sales, especially to Costco, Sam’s Club, and CVS.
“I am particularly satisfied with the positive development for our U.S. private label and Kori brand. We have also strengthened the Superba krill oil sales organization in all geographies and will execute on our sales pipeline throughout the year to deliver growth,” Aker BioMarine CEO Matts Johansen said.
The company is targeting annual sales growth of 20 to 25 percent this year, and an adjusted EBITDA margin also of 20 to25 percent. It also plans to achieve average annual harvesting volumes of 55,000 to 60,000 MT, but advised that there will be seasonal and operational variations from year-to-year.
Thus far in 2022, it has harvested around 25,800 MT of krill.
Photo courtesy of Aker BioMarine
