BioMar posts slight revenue, sales drops in Q2 2024, remains on course for record year

Aarhus, Denmark-headquartered feed producer BioMar Group said it could end 2024 with “another all-time high” set of results, despite year-over-year dips in the company’s Q2 2024 revenue and sales.

In its mid-year 2024 results statement, BioMar said that across all of its divisions, it had delivered “solid results” and that the business is set for an all-time high EBITDA.

That goal was boosted in Q2 2024, as the company posted a 36 percent year-over-year rise in EBITDA to DKK 361 million (USD 53.1 million, EUR 48.4 million). For H1 2024, its EBITDA increased from DKK 383 million (USD 56.3 million, EUR 51.3 million) to DKK 631 million (USD 92.8 million, EUR 84.6 million).

Commenting on “a very satisfactory first half of the year,” BioMar Group CEO Carlos Diaz said that building upon a strong Q1, it had maintained momentum, mainly due to a focus on operational and commercial excellence.

Diaz said the company is consolidating its strategic move away from being merely a transactional feed provider into being “a partner going above and beyond, enabling our customers to meet their efficiency goals and, at the same time, focus on people and planet while maximizing performance and animal health.”

This approach has enabled BioMar to attract and develop its customer base, but has also affected volume growth since it is focusing on long-term customers and contracts, he said.

BioMar’s Q2 2024 sales volume totaled 334,000 metric tons (MT) for its consolidated companies, compared to 341,000 MT a year previously. Revenues in the period slipped from DKK 4.2 billion (USD 617.7 million, EUR 562.9 million) to just under DKK 4 billion (USD 588.3 million, EUR 536.1 million).

For the first half of 2024, the consolidated companies’ sales volume and revenue totaled 596,000 MT and DKK 7.2 billion (USD 1.1 billion, EUR 965 million), respectively, compared to 627,000 MT and DKK 7.9 billion (USD 1.2 billion, EUR 1.1 billion) in the corresponding period of last year. 

Its non-consolidated joint venture feed companies – located in Turkey and China, which Diaz said are both important growth markets – delivered ...