BioMar reports solid third-quarter results for 2024 and expects to reach the expected earnings for the year. However, the company’s full-year revenue expectations are slightly lower due to decreasing raw material prices combined with lower volumes because of biological conditions in Norway, the energy crisis in Ecuador and a focus on receivable risks in the Mediterranean area.
"In general, we are performing well across divisions despite challenges related to biological conditions in Norway and the Ecuadorian energy crisis, which has impacted our production of shrimp feed. Our focus on functional feed solutions combined with shared value creation with our customers is providing a tailwind. Given our strong momentum and solid outlook, we will slightly narrow the full-year EBITDA expectations for 2024 to the level of DKK 1,410-1,460 million," explained CEO Carlos Diaz.
Evaluation for a possible separate listing of BioMar
The news on the quarterly results is released together with an announcement from Schouw & Co., the owners of BioMar, that they have initiated an evaluation of a potential listing.
“Schouw & Co. has initiated an evaluation of a possible separate listing of BioMar. Since BioMar became part of the Schouw & Co. Group in 2005, we have grown to become a leading global producer of sustainable aquaculture feeds and have almost sixdoubled our revenue. A potential separate listing of BioMar could provide the right platform for BioMar to continue our growth trajectory,” said BioMar CEO Carlos Diaz. “If Schouw & Co. eventually decides to pursue a separate listing of BioMar, they intend to remain the majority shareholder of BioMar and will continue to support our development through both organic and acquisitive growth”.
Schouw & Co. has an active and responsible long-term ownership focus and continues to see great potential in the development of BioMar as a significant supplier to a growing aquaculture industry through both organic and acquisitive growth. At the same time, Schouw & Co. wants to ensure that the group always has the necessary capital resources to support the growth ambitions of its other portfolio companies.
