BioMar ‘moving in right direction’ despite pandemic, Russia boycott
November 15, 2022 By Nestor Arellano
Global fish feed manufacturer, BioMar Group, reports increased revenues for the third quarter of 2022 despite challenges posed by the COVID 19 pandemic and the company’s decision to halt business operation in Russia following President Vladimir Putin’s invasion of Ukraine.
BioMar did experience lower sale volumes. However, the company said its revenues rose by 41 per cent while earnings recovered significantly compared to Q3 2021. The company also announced that it is now raising earnings guidance for the full year to the range of DKK 960 million to DKK 1 billion from the previous DKK 910-960 million range.
In March, BioMar joined a group of companies that stopped commercial activities in Russia.
“We are still not at a normal profit level, but we are moving in the right direction,” said Carlos Diaz, BioMar chief executive.
Earnings continue to be impacted by the missing sales from Russia and replacing raw materials from Russian/Belarus. But, driven solid sales in the feed business combined with strong results in the newly acquired AQ1, BioMar earnings went up by 45 per cent compared to Q3 2021.
“Coping with the consequences of pandemic, followed by the war in Ukraine and our exit from Russia, our organization has focused on improving commercial and operational excellence,” said Diaz. “Developing our processes and creating value from data analytics is more important than ever to counteract the inflationary effects on our costs. We have been engaged in creating efficiencies in our supply chain, while working together with our customers designing new solutions for existing and new commercial relationships.”
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