Norwegian biotech and krill-harvesting company Aker BioMarine ASA saw a slight drop in its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and revenue in Q2 2022, but posted "good profitability," the company said.
Aker achieved revenues of USD 73.4 million (EUR 72.7 million) and an adjusted EBITDA of USD 21.4 million (EUR 21.2 million) in the second quarter of this year, compared with USD 74.3 million (EUR 73.6 million) and USD 19.4 million (EUR 19.2 million) in the corresponding period of 2021.
According to the company’s Q2 2022 report, sales in its ingredients segment were up 8 percent on the same quarter last year at USD 49.2 million (EUR 48.7 million), while sales in its brands segment fell 16 percent year-on-year to USD 27.2 million (EUR 26.9 million).
The report explains that the uplift in ingredients was supported by higher sales volumes and prices for Qrill Aqua. Furthermore, the offshore production of krill meal was 16,534 MT in the quarter, 19 percent above the same period last year and the highest second quarter in the company’s history.
All vessels performed well, the company said, and the offshore operation is going according to plan. Meanwhile, the production plant in Houston, Texas, U.S.A. closed as planned on 1 June to allow for upgrades and improvements, as well as to prepare the plant for production of new products like Lysoveta.
In Aker BioMarine’s brands segment, the company said sales of the Kori brand through Epion increased significantly compared to same quarter last year on the back of the national roll-out to Sam’s Club and Costco. However, sales at the private label company, Lang Pharma Nutrition, declined compared to the same quarter last year driven by supply chain disruptions at several large retailers, resulting in delayed shipments in the quarter.
“Aker BioMarine [delivered] good profitability in the quarter, specially driven by high sales volumes and prices for Qrill Aqua. The company has also improved krill harvesting, and so far this year, Antarctic production of krill meal is 39,000 MT, 13 percent above last year,” Aker BioMarine CEO Matts Johansen said. “The Superba krill oil sales organization is strengthened in all geographies and will execute on the upgraded pipeline to deliver growth.”
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 krill-harvesting volumes of 55,000 MT, but advises that there will be seasonal and operational variations from year-to-year.
Photo courtesy of Aker BioMarine
