– The company achieved revenues of US$ 85.3 million in the fishing segment, driven mainly by an increase in the sale of fish oil and fish meal, in addition to frozen of mackerel. On the other hand, the aquaculture segment maintains a challenging scenario due to different factors that have impacted the company’s consolidated results.
This Thursday, Blumar, a fishing and salmon company, presented its results as of the end of March 31, 2024, which show consolidated income of US$ 140 million. This represents a 23% drop compared to the same period in 2023, which is mainly explained by a 53% decrease in sales in the salmon segment.
Blumar’s fishing segment continues with a good performing and registering considerable increases that have allowed corporate results to be sustained. At the end of the first quarter of 2024, this segment reached revenues of US$ 85.3 million, which means an increase of 30% compared to the previous year. This is explained by increase in fish meal sales(+44%), fish oil (+176%) and frozen mackerel (+19%).
“Fishing is in a good moment, with a lot of projection to continue on that path, which is a huge opportunity. As happened in 2023, when fishing was the second activity that grew the most in the country, we hope that the segment continues to stand out and contribute to national and regional development. At such a crucial moment for Chile, we hope that data like this will be protagonists in the debate to generate a new Fishing Law, and that precisely the future standard will promote this activity and not destroy it,” said the general manager of Blumar, Gerardo Balbontín.
On the other hand, the aquaculture segment exhibited something more challenging , due to a significant decrease in the volume sold -50%, a -7% reduction in price and a sustained increase in production costs, which in the analyzed quarter increased by +20% compared to the same period of the previous year.
Finally, the results as of March 31, 2024 showed that the company had losses of US$ 1.8 million, with an Ebitda of US$ 22.9 million. “We are working hard to get our aquaculture segment back on a path of growth and profitability that allows Blumar to deploy its maximum potential. We are focused on being more efficient and designing plans that increase our competitiveness in a more challenging scenario for the entire Chilean salmon industry,” said Gerardo Balbontín regarding the company’s results in salmon.
