Wednesday, June 7, 2023

Multi X records significant growth in revenue and profit

Photo: Multix.

Chile: Salmon farmers realized higher average selling prices in the first quarter of this year, and this partially offset higher costs for the period.

Multi X Atlantic salmon harvest amounts to 24,628 WFE tons in the first quarter of 2023, representing a 53.7% increase compared to the same period in 2022. There was a decrease of 12.6% with the total as compared to the previous quarter. Harvest of 28,173 tonnes WFE.

The company posted an operating income of US$205.2 million, up 50.7%, with an increase in sales volume from 17,579 WFE tonnes to 25,228 WFE tonnes (+43.5%). Furthermore, the higher income is partly explained by the higher average selling price, despite the fact that the reference market price (UB TD 3-4 average) had decreased, from US$6.90 per pound to US$6.81 per pound. Was going till ,

On the other hand, cost of sales increased by 59.1% (from US$107.1 million to US$170.4 million) mainly due to higher operating costs in farming. As a result of the above, operating margin increased by 19.8% to US$34.7 million.

Ex farm cost was US$4.43/kg WFE, registering an increase of 14.3% (US$3.87/kg WFE), this increase is mainly explained by the impact of increase in feed price as well as inflationary pressures Which has affected food grains. Various inputs and services used in the production process.

An increase of 5.6% with respect to the previous quarter (US$4.28/Kg WFE) can be seen, explained by the effects mentioned above and the lower average crop weight. EBIT reached US$26.2 million, up from US$22.2 million in the same quarter last year, primarily explained by higher sales volumes and realized prices, which were offset by increased production costs.

The increase is largely explained by an increase in the reference price for Atlantic salmon for the first quarter of 2023, which ran from US$5.88/lb compared to the previous quarter (US$20.9 million), compared to the fourth quarter of 2022 US$6.81 /lb, as well as higher sales volume of 3%. This increase in value and volume was offset by higher production and process costs compared to the prior quarter.

As a result, consolidated profit for the period before fair value adjustments was US$13.9 million, higher than the first quarter of 2022 (US$13.3 million) and higher than the prior quarter (US$10 million), despite financial growth. Cost.

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Nation World News Desk
Nation World News Desk
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