In the fourth quarter the company had a significant upturn, with a growth of 35% in revenues compared to the same period of the previous year. The improvement was especially concentrated in the salmon segment, which recorded a turnover of US$127.3 million during the last 3 months of 2024.
Blumar, one of the main fishing and aquaculture companies in Chile, announced its consolidated financial results for 2024. The last quarter of the year showed a significant improvement in performance, with a 35% increase in revenue and an increase in EBITDA of US $34.3 million compared to the same period in 2023, of which US $8.1 million corresponded to the fishing segment and US $26.1 million to the aquaculture segment. Lo previous reflects the operational optimization efforts implemented during the period.
The results of the fourth quarter of 2024 partially offset the difficulties of the year, particularly in the aquaculture sector, which was affected by a bloom of algae, the fire of the Entrevientos plant, among other contingencies. The fishing sector also experienced a decrease in the supply of raw materials due to a poor sardine and anchovy season.
As a result, consolidated annual revenues fell by 8%, reaching US $617.7 million during 2024, while the total EBITDA amounted to US $85.5 million, a 6% decrease from 2023. The company achieved profits of US $17.9 million, representing a 36% growth compared to the previous year and mainly explained by the variation in the fair value adjustment of biological assets.
“We lived a tremendously challenging year, with different contingencies, but that we have managed to overcome and get a positive result during this exercise. The measures we adopted focused on seeking efficiencies and generating transformation projects focused on profitability, which is the objective with which we are articulating all the efforts of the company,” said the general manager of Blumar, Gerardo Balbontin.
As part of its vision for the future, the company has launched two strategic and optimization projects that will mark its development in the coming years. In the aquaculture segment stands out the ContraCorriente Project (2C), which focuses on recovering the profitability of the salmon business. This transformation project comprising more than 200 initiatives will implement world-class practices throughout the productive chain, mainly focused on optimising costs and achieving greater operational efficiency.
“ContraCorriente has been deployed for the last time, generating a new way to approach the salmon business and we hope that the results of it will be reflected during the year 2026. Meanwhile, the last quarter of 2024 recorded a significant recovery in the EBIT margin from -0.90 to 0.31 USD/kg WFE, compared with the last quarter of the previous year. We also have good prospects for this year. the markets, however, it is essential to generate the regulatory changes that will allow the stabilization and consolidation of salmon farming in Chile,” Salmones business manager, Pedro Pablo Laporte.
In the case of the fishing segment, Blumar initiated the Faro Project, a new strategy that aims to enhance the future development of this division. The project is structured into four key pillars: operational security, development of new markets, process innovation and value-sharing with stakeholders, laying the foundations for the sustainable growth of the fishing business. “Over the last decade, the fishing business has experienced a significant upturn, thanks to key factors such as the sustained increase in the horse mackerel quota and the increase in the percentage destined for human consumption. In fact, in 2024, the percentage destined for human consumption exceeded 95% of our quota, and we anticipate that this percentage
It will continue to grow year after year. This growth has been fundamental to achieving the capture of value and the optimization of our operations, which has been reflected in the solid results that we are presenting on this occasion,” he analyzed. Ignacio Mir, manager of the company's fisheries business.
In terms of sustainability, the company highlighted that in 2024 it obtained 73 points in the Corporate Sustainability Assessment (CSA), the annual assessment of companies in the Food category of the S&P Global risk classifier, improving by 17 points in just one year. “We see with optimism 2025, the year in which we will continue to focus on improving the performance of our segments and increasing profitability. For the above, our
management remains active in different initiatives and closely monitoring the regulatory environment for fisheries and aquaculture, which will be defining for our investment and growth plan,” concluded the general manager of Blumar, Gerardo Balbontin.
