Aker records first ever profit

By Shane Starling

- Last updated on GMT

Norwegian krill supplier Aker BioMarine has turned in its first-ever quarterly profit as European, US and Asian sales for the omega-3 source surged in the first half of 2010.

On Q2 revenues of €10.03m the company recorded earnings before interest, tax, depreciation and amortization (EBITDA) of €126,000, compared to an EBITDA loss of €1.4m in Q1, meaning a H1 loss of €1.274m.

Buoyant supply and demand for both its human nutrition (Superba) and animal feed (Qrill) operations fed the Q2 revenue figure jump of 52 per cent from €6.6m in Q1 2010.

Aker’s fish feed business grew 24 per cent and continues to account for the bulk of its business (10,000 tons versus 190 tons), but Superba had its best-ever quarter with volumes increasing 67 per cent from 28 to 46.3 million metric tons.

The company highlighted new Superba contracts for food supplement products in Asia and Europe as drivers for current and future growth along with an expanded production facility that could churn out 350m tons of Superba per year if required.

The company won European Union novel foods approval for Superba in December and it said 30 per cent of Superba sales are registered in Europe.

In particular a five-year exclusive contract with Scandinavian company VitaeLab had led to a relaunch of a product called VitaePro that was being marketed to VitaeLab’s customer database .

Aker BioMarine is set to sell its direct sales portfolio to this same database.

“The disengagement from direct sales accords with Aker BioMarine’s strategy of streamlining its role as Superba Krill producer and connecting with consumers via agreements with marketing partners and distributors,”​ the company said.

It sold its first product in Spain, Russia and Taiwan.

It also highlighted the Marine Stewardship Council certification it was awarded this year as testimony to the sustainability of its Antarctic krill supply.

For the whole Aker Group the period saw net debt reduced from €113m to €44.42m.

The company was not available for further comment by the time of publication.

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