Despite challenges in the market, Aker BioMarine increased revenues by 24 percent, from $125 million to $155 million in 2018. The company released its 2018 Annual Report which reports a net loss of USD 1 million in 2018, driven by significant investments in new technology, science initiatives and people. These investments have been critical to reach the scale in order to grow the krill segment in a very competitive global omega-3 market.
“From a business perspective, we met our targets for 2018 with robust performance in all our segments, despite some headwinds in the market. Costs increased more than I ideally would like them to, driven both by external factors, like high fuel prices but also internal elements in order to facilitate the rapid growth and development we are facing. As a result of this, we have strengthened and equipped the organization with the resources and tools required for future growth,” says Matts Johansen, CEO of Aker BioMarine.
The most eye-catching of these investments is the new, state-of-the-art vessel, Antarctic Endurance. Commissioned for NOK 1,1 billion ($140 million) Antarctic Endurance is the very first krill harvesting vessel designed and constructed from scratch. Built at the Norwegian shipyard VARD, it uses the latest environmental technology, which significantly reduces its CO2 footprint by up to 30 percent.
The company also funded a number of new research and development projects and continued with its sustainability work. Committed to sustainable krill harvesting, Aker BioMarine uses its leading position to encourage support for new sustainability initiatives and the adoption of best practices within the industry. For example, it was instrumental in getting the vast majority of krill harvesting companies operating in the Antarctic, onboard an initiative to voluntarily stop fishing in areas around the breeding colonies of penguins to protect Antarctic wildlife.
Aside from involvement in this important agreement, Aker BioMarine is also supporting the Antarctic Wildlife Research Fund (AWR) with $1 million over a period of five years. The grant will further strengthen AWR’s work on promoting and facilitating research on the Antarctic ecosystem.
“2018 was truly a landmark year for us. That’s before we even mention being awarded the most innovative company prize at the European Business Awards or launching the world’s first professional long-distance sled dog team,” Johansen concludes.
