Operating Revenue: Increased by 27% in Q4 2024 compared to the previous year, driven by higher sales volume of Atlantic salmon (up 35%) and Coho (up 28%).
Full-Year Revenue: Up 14% in 2024, exceeding $400 million.
Harvest Volume: Q4 2024 harvest was 17,000 metric tons, with Atlantic at 13,700 and Coho at 3,400.
Atlantic Salmon Price: Declined 6% for the year, with a recovery in the last two months of 2024.
Coho Salmon Price: Declined 16% for the year, with improvement at year-end.
Inventory Provision: Positive impact of $2.4 million for Atlantic and $5.4 million for Coho in 2024.
Atlantic Ex-Cage Cost: Decreased by 11% in Q4 2024 compared to Q4 2023.
Net Debt-to-EBITDA Ratio: Reduced due to lower debt and improved EBITDA.
EBITDA: $20 million in Q4 2024, with a full-year EBITDA of $49 million, up $16 million from 2023.
Net Financial Debt: Ended at $91 million in December 2024, $31 million lower than December 2023.
Atlantic Total Cost: $5.31 per kilo WFE in Q4 2024, 11% lower than the same quarter last year.
Processing Cost: $0.96 per kilo in Q4 2024, down from $1.1 per kilo in Q4 2023.
Cash Flow: Positive operating cash flow of $28 million in Q4 2024.
Atlantic Sales Distribution: American market largest with 35% share in Q4 2024.
Coho Sales Distribution: LatAm largest market with 44% share in Q4 2024.
Release Date: March 05, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Operating revenues increased by 27% in Q4 2024 compared to the previous year, driven by higher sales volumes of Atlantic and Coho salmon.
The company achieved a substantial reduction in net debt-to-EBITDA ratio due to both a reduction in debt and an improvement in EBITDA.
Atlantic salmon ex-cage costs decreased by 11% in Q4 2024, attributed to better harvest weights, good sanitary conditions, and lower feed costs.
The company implemented productivity and cost-saving initiatives that resulted in $7 million in savings for 2024.
Salmones Camanchaca achieved a positive biological and sanitary performance, with mortality rates significantly below the industry average.
Prices for Atlantic and Coho salmon declined by 6% and 16% respectively during 2024, negatively impacting revenue.
The joint venture in Trout farming performed poorly, impacting financial results, and although terminated, will have lingering effects in 2025.
There was an increase in antibiotic and sea lice treatments compared to previous years, necessary to maintain fish health.
U.S. demand for salmon was weaker than expected in 2024, with no significant boost anticipated in 2025.
The company faces challenges in maintaining cost improvements amidst stable market conditions and no expected price increases in 2025.
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