Los Ángeles, Bio Bio, Chile-based Salmones Austral recorded revenue of USD 147 million (EUR 148 million) during the first half of 2022, up 5.7 percent compared to the same period of 2021.
The gains came principally due to higher salmon prices, according to the company. In H1, Salmones Austral averaged USD 5.90 (EUR 5.96) per kilogram whole-fish equivalent (WFE), compared to USD 4.52 (EUR 4.57) per kilogram WFE in the first six months of 2021.
The company’s sales volume fell 19.7 percent year-over-year to 24,463 metric tons (MT) in H1 2022, but it reduced its cost of sale to USD 119 million (EUR 121 million), 12.9 percent lower year-over-year, according to Salmones Austral Vice President Christian Samsing
“While higher salmon prices contributed to the good results, most notably, our efforts to proactively manage costs paid off,” Samsing said in a company release.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached USD 27.3 million (EUR 27.6 million) in January through June, compared to a loss before interest, taxes, depreciation, and amortization of USD 1.7 million (EUR 1.7 million) recorded during the same period a year ago. Its net profit came in at USD 13.4 million (EUR 13.5 million) in H1 2022, compared to a net loss of USD 1.7 million (EUR 1.7 million) in the first half of 2021.
“Everything indicates that the industry should maintain its solid performance [in H2 2022], with good prices and lower costs,” Samsing said.
In July 2022, Salmones Austral’s board of directors decided to push back its plans for an initial public offering (IPO) in the Chilean market, as it said it would be unable to meet legal deadlines to open to the bourse by October. Samsing said at the time he expects to start the IPO process over again with the country’s financial market regulator, CMF, in 2023.
Salmones Austral was created in 2013 through the merger of Trusal and Pacific Star. Today, it has annual production of 45,000 MT to 55,000 MT of salmon, with more than 1,600 workers operating in two processing plants and 33 fresh-water and sea-water farming centers in the regions of, Biobío, La Araucanía, Los Lagos, and Aysén. Of its annual production, 65 percent is Atlantic salmon, and the remaining 35 percent is coho salmon.
Salmones Austral exports to more than 30 countries, with the United States and Asia the top destinations for its Atlantic salmon, and Japan the top buyer of its coho.
In 2021, Salmones Austral saw its revenue jump 39.8 percent to USD 251 million (EUR 254 million) on the back of higher volumes sold and higher average sales prices. Its EBITDA reached USD 22.7 million (EUR 22.9 million), compared to a loss of USD 7.6 million (EUR 7.7 million) in 2020. Its net profit for the year reached USD 20.8 million (EUR 21 million), versus net losses of USD 27.5 million (EUR 27.8 million) posted in the previous year. In volume terms, sales reached 49,889 metric tons (MT) in 2021, a 27.6 percent increase over 2020.
Photo courtesy of Salmones Austral
