Los Angeles, Bio Bio, Chile-based Salmones Austral posted a Q1 2022 net profit of USD 1.8 million (EUR 1.6 million), versus losses of USD 9.4 million (EUR 8.7 million) in the first quarter of 2021, on the back of stronger salmon prices.
The company sold salmon at an average of USD 5.70 per kilogram (EUR 5.30) of whole-fish equivalent (WFE) during the first quarter of the year, compared to USD 4.17 (EUR 3.88) per kilogram WFE at the beginning of 2021. Sales volume for the quarter of 2022 came in at 18,100 metric tons (MT), down 7.3 percent year-over-year, bringing in top-line revenue of USD 105 million (EUR 97.7 million) – a 27.3 percent increase.
The lower volume influenced a 2.3 percent drop in the cost of sales to USD 83 million (EUR 77 million), even though the cost of the fish advanced 4.6 percent to USD 4.32 (EUR 4.02) per kilogram WFE. Salmones Austral achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD 19.9 million (EUR 18.5 million), compared to losses of USD 3.8 million (EUR 3.5 million) recorded in the first quarter of 2021.
“We experienced two dissimilar situations. Costs experienced a significant increase, but we managed to compensate for the thanks to the sales prices, which continued their upward trend,” Samsing said. “Another complex situation we experienced was the increase in the number of events of lack of oxygen and microalgae, which are linked to climate change and affect the strength of salmon in the water … Having said that, we are satisfied with the results and for the rest of the year we should continue on the same positive path.”
“The resulting product is more robust and has a superior quality,” he said in a company release.
For the full-year 2021, Salmones Austral saw its revenues jump 39.8 percent to USD 251 million (EUR 227 million) on the back of higher volumes sold and a higher average sales price of salmon. In volume terms, sales reached 49,889 metric tons (MT) in 2021, a 27.6 percent increase compared to shipments from 2020. Its net profits for the year reached USD 20.8 million (EUR 18.8 million), versus net losses of USD 27.5 million (EUR 24.9 million) posted in 2020.
Photo courtesy of Salmones Austral
