Norwegian biotech and krill-harvesting company Aker BioMarine achieved revenues of USD 67.9 million (EUR 68.4 million) and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD 18.8 million (EUR 18.9 million) in the Q3 2022, up year-over-year from USD 62 million (EUR 62.4 million) and USD 14.4 million (EUR 14.1 million), respectively.
According to the company’s Q3 2022 report, sales in its Ingredients segment climbed 11 percent from Q3 2021 to USD 44.4 million (EUR 44.7 million), while sales in its Brands segment were up 10 percent year-on-year to USD 27.3 million (EUR 27.5 million).
the company’s offshore production volume increased 77 percent to 12,737 metric tons (MT) in the period, which was the highest third-quarter production in the company’s history.
“Aker BioMarine delivers higher sales growth and EBITDA driven by improvement in all segments compared to the same quarter last year. Especially the Qrill segment reports strong figures, with high sales volumes and prices for Qrill Aqua,” Aker BioMarine CEO Matts Johansen said. “We have significantly improved our Antarctic krill harvesting, and so far this year, the production of krill meal is above 50,000 MT, which is 23 percent above last year.”
Aker BioMarine's net profit for Q3 2022 was USD 4.6 million (EUR 4.6 million).
The report confirms within Ingredients, sales in the Qrill Aqua category increased 16 percent compared to Q3 2021, driven by both higher volumes and prices for Qrill Aqua which was up 24 percent, while the Qrill High Protein (QHP) was down 35 percent as there was no production in Houston.
Aker implemented a price increase for Qrill Aqua, and as a result, average prices increased around 15 percent compared to the same quarter last year. Superba krill oil sales were up 4 percent, with volume 8 percent above last year, while customer mix drove the average price down.
The report advised the plan for accelerating the growth of the Superba business is progressing, and a sales increase in the fourth quarter is targeted.
Meanwhile, the uplift in Brands was helped by increased sales of the company's Kori brand.
Overall, the company is targeting revenue growth of 8 to 12 percent this year, and an adjusted EBITDA margin of 23 to 26 percent. It also expects to achieve a total krill harvest of 55,000 MT, with its vessels are expected to return to the fishing ground in the second half of November 2022.
Photo courtesy of Aker BioMarine
