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Aker BioMarine first quarter profits up

Aker BioMarine first quarter profits up

Aker BioMarine ASA reports revenues of USD 78.3 million in the first quarter of 2024, up from USD 69.1 million last year. Adjusted EBITDA was USD 15.2 million, up from USD 6.0 million same quarter last year.

The company is a fully integrated krill producing company – from catching to final end product.

Highlights of the first quarter were:

  • Revenue of USD 78.3 million in the quarter, up 13% from USD 69.1 YoY
  • Adjusted EBITDA of USD 15.2 million, up from USD 6.0 million YoY
  • The Adjusted EBITDA margin was 19% compared to 9% in the same quarter last year
  • Qrill Aqua sales increased by 33% and Superba krill oil sales increased by 11% YoY
  • Krill offshore production volume of 21,306 MT, up 7% (19,852 MT)
  • The drone was commissioned on the harvesting ground with proven ability to identify krill
  • Korean FDA awarded an additional health claim for skin health to Superba Krill Oil
  • The company has launched its new algae oil brand, FloraMarine
  • The company announced a strategic review for the Feed Ingredients business.
  • Aker BioMarine won the Norwegian Export Prize 2024

Aker BioMarine completed a company restructuring end of 2023 and has changed its reporting format according to new business segments starting in Q1 2024. The previous two segments (Ingredients and Brands) have been deconsolidated into four new segments; Feed Ingredients, Human Health Ingredients, Consumer Health Products and Emerging Businesses.

“I am impressed by the dedication and skill our team has shown during this restructuring phase. The new operational structure is proving its merit, with each business unit displaying sharper operational and strategic focus. The company continue to demonstrate strong growth, evidenced by a 13% increase in revenues year-over-year. Sales in both the Feed Ingredients and Human Health Ingredients segments continues to develop well, while the Consumer Health Products segment had bit of a softer quarter.”, said Matts Johansen, CEO of Aker BioMarine.

For Feed Ingredients, the revenue growth was driven by both higher Qrill Aqua prices and volume. Additionally, the company won a new contract for Qrill Pet positively impacting both volume and price for the segment as whole. Overall, market sentiment remains strong for our Qrill products. The increase in revenue resulted in improved EBITDA, which also was positively impacted by a change in offshore cost allocation.

Offshore production volume has developed well so far this year, with first quarter production in Q1 up 7% YoY and YTD production up 10%. The drone has been used to identify krill, supporting offshore operations. In Human Health Ingredients, the turnaround plan that was launched in 2022 is yielding results and US showed strong growth in the quarter and so did most other regions.

Revenue grew 13% and EBITDA margin improved compared to last year on higher revenues and gross margins. Consumer Health Products delivered lower revenues on a stable gross margin, which resulted in lower EBITDA on a relatively fixed SG&A base. First quarter last year had significant promotional activity from one of the clubs that drove sales.