BioMar notches record earnings in 2022

Aarhus, Denmark-based aquafeed firm BioMar achieved earnings before interest, taxes, depreciation, and amortization above DKK 1 billion (USD 142.9 million, EUR 134.4 million) in 2022, surpassing its annual earning guidance, which it had previously increased in Q3 2022.

Its 2022 EBITDA came in 11 percent higher than its 2021 result of DKK 911 million (USD 133.6 million, EUR 122.4 million), which itself was down from DKK 972 million (USD 142.5 million, EUR 130.6 million) in 2020.

“Financially, we had a slow start of the year due to several one-offs and the impact of the global inflation. However, our people around the world have made a tremendous effort building new and creative commercial solutions through an agile collaboration with customers,” Diaz said. “Hence, we have managed to conclude the year with a decent result, despite the global volatility. We are progressing as planned, executing on our 2028+ strategy … both in terms of growth, product offerings, and increased efficiency.”

BioMar managed the performance despite withdrawing from the Russian market following its invasion of Ukraine. 

“We are very satisfied with the performance of the group,” Diaz said. “We have been significant affected by our exit from Russia and the increased raw material and energy prices, but we have managed to sustain a healthy business, continuing our growth strategy while expanding into the technology space.”

On 1 March, 2023, BioMar introduced a bioremediation product line called SmartCare Balance that it said can improve environmental conditions for farmed shrimp from hatchery to grow-out. And in February 2022, the company announced a goal of becoming 50 percent circular and restorative by 2030, meaning it would source half of its raw materials from byproducts and waste streams, and would increase its use of microalgae in its feeds. BioMar further said it has begun using Corbion’s AlgaPrime DHA in its high-performance flagship diets and will prioritize the sales of its Blue Impact, Efico Enviro, and Orbit feeds, which it said have a higher sustainability profile.

The company grew its revenue to  ... 

Photo courtesy of BioMar