Revenues, profits rise for Aker BioMarine in Q1 2024

An Aker BioMarine krill-fishing vessel in near Antarctica
Despite calls from environmental groups to slow krill fishing near Antarctica, Aker BioMarine's revenues and profits have continued to grow | Photo courtesy of Aker BioMarine
4 Min

Norwegian biotech and krill-harvesting company Aker BioMarine saw a boost in revenue and profit in Q1 2024, seeing early benefits from a restructuring the company implemented late in 2023.

Aker achieved revenues of USD 78.3 million (EUR 73.1 million) and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD 15.2 million (EUR 14.2 million) during the period, compared with USD 69.1 million (EUR 64.5 million) and USD 6 million (EUR 5.6 million), respectively, in the corresponding period of 2023.

These results followed the company’s restructuring, through which it reorganized its former Ingredients and Brands segments into four new segments: Feed Ingredients, Human Health Ingredients, Consumer Health Products, and Emerging Businesses.

In a statement accompanying the company’s results, Aker BioMarine CEO Matts Johansen said he had been impressed by “the dedication and skill” shown by staff during the restructuring phase.

“The new operational structure is proving its merit, with each business unit displaying sharper operational and strategic focus,” he said. “The company continues to demonstrate strong growth, evidenced by a 13 percent increase in revenues year over year. Sales in both the Feed Ingredients and Human Health Ingredients segments continue to develop well, while the Consumer Health Products segment had a bit of a softer quarter.”

The company’s offshore krill production volume amounted to 21,306 metric tons (MT) in the quarter, compared to 19,852 MT in the same quarter last year, and its year-to-date production on 25 April was 10 percent above the same period last year. On the back of that growth, the segment reported an adjusted EBITDA of USD 11.2 million (EUR 10.5 million) in the quarter, up from USD 2.2 million (EUR 2.1 million) year over year.

Aker's Emerging Businesses segment had USD 3.1 million (EUR 2.9 million) in gross sales from Kori krill oil, down 31 percent compared to Q1 2023. The segment reported adjusted EBITDA losses of USD 1.1 million (EUR 1 million) in the quarter, up from a USD 3.7 million (EUR 3.5 million) loss in the same period last year.

However, its online sales via Amazon continue to ... 

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