Today the second quarter report for BioMar has been released by its parent company, Schouw & Co. The report underlines the sustainable growth of BioMar as increased volumes and revenue are accompanied by strong earnings.
Following an impressive Q1, BioMar Group continues to deliver solid financial results. The sales volume increased by 9%, while the revenue increased by 7% compared to Q2 last year. The growth was mainly delivered by robust performance in the salmon markets across geographies, supported by the new salmon business in Australia. A strong product portfolio, competitive product offerings and close collaboration with customers fighting the challenges of the pandemic have been some of the factors driving the results. BioMar Group CEO Carlos Diaz commented:
‘We have seen that in times of crisis, solutions are to be found working together across the value chain. During the last months we have collaborated with suppliers and customers ensuring business continuity and a stable food supply to the end-consumers. At the same time, we have experienced an immense dedication from our employees engaging in delivering high quality products and very competitive product solutions to our customers despite lockdowns and market challenges’.
While the salmon feed business units have been high-performing during Q2 compared same quarter last year, the shrimp feed business has been slightly challenged due to the interruption of the Ecuadorian shrimp export to China following COVID-19. At the same time, the Mediterranean markets have been challenged to the HORECA sector, closing almost completely down in most European markets and travel restrictions affecting the tourist season, in addition to the storm ‘Gloria’ in Spain destroying significant farming capacity. Diaz continues:
‘This spring and early summer have been a very challenging and volatile period for all our business units, and we have constantly been on our toes. Fortunately, we have built an operation model where local agility is a cornerstone. Hence our business units have been empowered to find solutions together with the customers as the situation evolved. Being guided by a strong purpose makes it easier to be aligned and innovate when the world is constantly changing.
‘I am proud, we are getting through the first period of the pandemic with such positive results. However, we are not on the other side yet and there will most likely be a further business impact from the challenging market conditions for our customers and as BioMar we will be there to support’.