Aker BioMarine ASA achieved revenue of USD 75.7 million (EUR 66.6 million) and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD 7.2 million (EUR 6.3 million) in the fourth quarter of 2021, compared with USD 75.5 million (EUR 66.4 million) and USD 21.1 million (EUR 18.6 million) in the corresponding period of 2020.
Aker BioMarine suffered a net loss of USD 9.1 million (EUR 8 million) in the closing quarter, reversing a profit of USD 2.9 million (EUR 2.6 million). For 2021 as a whole, it had a net loss of USD 8.7 million (EUR 7.7 million), compared with 2020’s loss of USD 5.5 million (EUR 4.8 million). It experienced what it called “disappointing” krill harvests in 2021 and recorded fewer fishing days due to difficulty finding krill schools.
But according to the company’s Q4 2021 report, its sales are expected to grow by 20 to 25 percent in 2022, alongside a targeted adjusted EBITDA margin of the same value.
For the full-year 2021, the Oslo, Norway-based krill company’s revenues slipped USD 26.5 million (EUR 23.3 million) to USD 262.1 million (EUR 230.7 million) and an adjusted EBITDA of USD 48 million (EUR 42.2 million), which was USD 30 million (EUR 26.4 million) less than in 2020.
Aker said healthy demand is expected in the market, and along with it, higher prices for the company’s omega-3 products. Demand is being driven by a tight salmon supply and a general strong recovery in demand for most seafood species following the dip caused by the COVID-19 pandemic.
Aker BioMarine said it will have average annual harvests of 55,000 to 60,000 metric tons (MT) in coming years. So far in 2022, it has harvested 10,750 MT.
“We have ambitious growth plans for our krill business and aim to nearly double revenues over the next four years and lift profitability,” Aker BioMarine CEO Matts Johansen said. “In the quarter, we see results of our growth initiatives and report 80 percent sales growth from the previous quarter for Superba krill oil. We are also pleased with a large increase in sales of Kori, our own consumer brand, as we obtained full distribution at two major U.S. retailers. Research continues to prove the health benefits of krill, and a new and important study shows that krill oil significantly reduces major cardiovascular risk factors. This gives proof that Aker BioMarine is part of the solution to alleviate the burden heart disease has on society.”
Aker BioMarine consists of two business segments, Ingredients and Brands. Its Ingredients segment is comprised of offshore harvesting and production, the logistical operation and the onshore manufacturing and sale of krill-derived products globally to the pharmaceutical, nutraceutical, pet food, and aquaculture industries. The Brands segment is its human consumer goods business, comprised of Lang Pharma Nutrition and Epion.
Though its sales were down compared with the fourth quarter of 2020, Aker said its Q4 2021 sales in its Ingredients segment increased 35 percent from the third-quarter to USD 55.7 million (EUR 49 million), led by strong sales of Superba krill oil, while sales in the Brands segment increased 22 percent from the previous quarter to USD 30 million with increased sales in Epion with shipments to Sam’s Club and Costco.
In the same quarter, its offshore production volume was 3,101 MT, which contributed to a full-year krill meal production total of 43,756 MT, down from 44,965 MT in 2020.
Photo courtesy of Aker BioMarine
