Chile’s largest salmon farmer, AquaChile, increased its top-line revenues while bringing costs further under control during the first half of the year, thereby raising net profits, it said in its H1 2022 results.
The first-half earnings presentation of animal protein farmer Agrosuper – AquaChile’s parent company – indicates the salmon company brought in revenues of USD 765 million (EUR 768 million) in the period spanning January through June 2022, a 23.6 percent jump from the USD 619 million (EUR 621 million) posted in the same period of 2021. For the first half of 2022, cost of sales came in at USD 510 million (EUR 512 million), down 3.8 percent from USD 530 million (EUR 532 million). Net profits were USD 110 million (EUR 110 million), a 39.2 percent jump compared to USD 79.3 million (EUR 79.5 million) in H1 2021.
Agrosuper’s aquaculture branch represented 36.9 percent of its total revenues of USD 2.07 billion (EUR 2.08 billion) and 51.6 percent of the holding’s total net profits of USD 213 million (EUR 214 million) for the first six months of the year.
“The aquaculture segment has seen a contraction of world salmon production and a recovery in demand in relevant markets such as the United States, Brazil, and Japan, which has generated an increase in prices, which are expected to remain high during the second half of this year,” Agrosuper said in its report. “The foregoing, added to the advances in realizing synergies derived from the integration with the salmon-producing companies acquired in 2018 and 2019, should have a positive effect on the margins of the aquaculture business during 2022 and the following years.”
Agrosuper highlighted AquaChile’s sanitary status in all processes, the environmental excellence of its surroundings, and its operational biosafety and product safety, which “are intensely controlled at all stages.” The company holds ISO 9001 and HACCP product quality, ISO 14001 environmental management, OHSAS 18001 occupational safety standard, International Food Standard level v5, Kosher, and British Retail Consortium certifications – in addition to Global G.A.P. and Best Aquaculture Practices certifications.
“All these certifications allow us to reach the most-demanding markets in the world, as is the case of the North American and Asian markets,” it said.
During Q1 2022 AquaChile saw a drop in net profits due to a significant hit from fair-value adjustments, primarily due to the sale of its former holding, Rainforest Tilapia.
The company posted Q1 2022 net profits of USD 6.12 million (EUR 6.14 million), a 57.3 percent drop from the USD 14.3 million (EUR 14.3 million) it recorded in the first quarter of 2021.
The salmon company boosted its top-line revenue 24.1 percent to USD 402.5 million (EUR 403.7 million) in the first quarter of 2022, compared to the USD 324.4 million (EUR 325 million) in revenue in the same quarter from one year ago.
Photo courtesy of AquaChile
