Santiago, Chile-based fishing and salmon-farming firm Blumar has launched a rebranding campaign and announced its new purpose soon after it announced solid Q3 earnings.
The company announced that “We nurture people embracing the ocean” is its new purpose – defined after a year of work – which it said it will use to inspire the company’s entire value chain for the production and sale of seafood. The new purpose was presented during a company-wide event that hosted the company’s 2,000 Chilean employees which hailed from seven regions where the company operates – including salmon farming and pelagic fishing.
“We are projecting the company’s future as a leader in seafood production. Our history is marked by a deep link with the ocean and that is where we continue to see the opportunity to contribute to society, generating value for people,” Blumar General Manager Gerardo Balbontín said at the event.
That history spans more than seven decades, Blumar President Rodrigo Sarquis said.
“This purpose addresses our more than 70 years of history linked to the sea that has positioned us as one of the most important fishing and salmon companies in Chile,” he said. “We want to take responsibility of that history to promote a future where we feel proud of what we do.”
Blumar was created 11 years ago upon the merger of the companies El Golfo and Itata – the latter of which was founded in 1948.
The company's new purpose statement seeks to align with the work the company began five years ago, when it decided to unite its sustainability strategy with its business strategy, focusing on the company's environmental stewardship, Blumar said in a release.
“Now we want to take a step that makes our indivisible relationship with the ocean visible to all, honoring and caring for it so that it continues to be a prosperous source of food for the world,” Balbontín said.
During the event, the company unveiled a new corporate image and branding, in which the Pacific Ocean is prominent.
“Our new identity is simple, transparent, and facing the sea, which represents our values and gives meaning to the new purpose,” Balbontín said. “We wanted to take the elements of our activity, such as the boats, the capes, the freshness and the ice of the southern seas, to imprint them in a proposal that will show Chile in international markets as a power dedicated to the production of seafood.”
The launch comes on the heels of a solid third quarter, in which Blumar's consolidated operating income for the first nine months of 2022 totaled USD 514 million (EUR 484 million), up 5 percent compared to the same period of 2021. This increase was led by a 14 percent year-over-year increase in fishing segment revenue to USD 222 million (EUR 209 million). For its part, the aquaculture division recorded a 0.7 percent decrease to USD 292 million (EUR 275 million) in revenue due to lower sales volumes.
Earnings before interest, taxes, debt, and amortization (EBITDA) for the first nine months reached USD 122 million (EUR 115 million), surging 52 percent when compared to the same period last year, bringing net profits to USD 66.4 million (EUR 62.5 million), up 131 percent.
For Q3 alone, Blumar's aquaculture segment revenues increased 10 percent to USD 116 million (EUR 109 million), while its EBITDA came in at USD 25.1 million (EUR 23.6 million). Its results were driven by a 35-percent higher average sales price of salmon due to a recovery in demand in its primary markets that began in the second half of 2021 as pandemic restrictions continued to ease. Blumar’s salmon farming segment saw quarterly profits increase fivefold to USD 15.5 million (EUR 14.6 million).
Since the second quarter of 2021, Blumar's cost of sales of its salmon have risen significantly due to a sharp increase in the cost of feed. In Q3 2022, Blumar sold 29 percent less salmon year-over-year due to lower harvests and a drop in average harvest weight.
Photo courtesy of Blumar
