Santiago, Chile-based fishing and salmon-farming firm Blumar, which recently announced positive third-quarter 2021 results, has sold its 45 percent shareholding in Frigorífico Pacífico, a storage service company for frozen products in Chile’s Biobío region, for USD 15.4 million (EUR 13.7 million).
Blumar’s partner in ownership of the cold storage company, Inversiones Galletue, also sold its shares for an undisclosed amount to Emergent Cold SpA, an investment fund owned by Emergent Cold Latam Holdings LLC. Blumar said in a filing with financial market regulator CMF that half of the proceeds from the sale would go towards the early payment of syndicated bank loans.
In a separate filing, Blumar reported a net profit of USD 4.37 million (EUR 3.89 million) in Q3 2021, compared to a net loss of USD 14.4 million (EUR 12.8 million) in the same quarter of 2020. Blumar’s revenues surged 38 percent year-over-year to USD 160 million (EUR 142 million), outpacing the 3.4 percent increase in cost of sales to USD 124.6 million (EUR 110.8 million).
Through the first nine months of the year, Blumar’s Atlantic salmon-farming branch, which represents 60 percent of its total business, boosted its volume sold 26 percent to 52,864 metric tons (MT) whole-fish equivalent (WFE), and its average price also increased 26 percent to USD 5.38 (EUR 4.78) per kilogram WFE.
And between January through September, Blumar’s production of fishmeal, fish oil, and frozen horse mackerel increased 9 percent, 20 percent, and 20 percent to 36,096 MT, 11,765 MT, and 73,864 MT, respectively.
The company recently launched the “Laguna Blanca” antibiotic-free salmon brand that touts sustainability as its selling point, to be distributed in fresh and frozen varieties in U.S. retail stores and restaurants.
In its annual sustainability report, Blumar outlined five corporate sustainability goals to be reached by 2027: a reduced carbon footprint, more sustainability certifications, lower use of antibiotics, adoption of circular waste management, and growing its energy efficiency.
Photo courtesy of Blumar
