Blumar shares reach No.2 in Chile stock exchange chart
Shares on Chilean salmon farmer Blumar were the second most profitable of all those listed on the Santiago Stock Exchange last month.
The exchange publishes a monthly Top 10 of best performing stocks, with Blumar shares rising in value by 22.1%. The leading company was Sigdo Koppers, a mining supplier that benefited from the sharp rise in the price of copper internationally and saw its value rise by 28.9%.
Something similar happened with Blumar: prices for Chilean salmon are so buoyant that a record of US $6.72 a pound was set in week 22 for in the United States market.
Values are expected to stabilise in the range of $5.00-5.50 a pound.
Favourable prices
Meanwhile, the Central Bank of Chile’s Business Perceptions Report August 2021 highlights that the prices of Chilean salmon have remained at very favourable levels, “especially fresh salmon, in line with global demand that has continued to recover”. Prospects remain optimistic for the medium term, states the report.
Blumar’s salmon farming division more than doubled revenues in the second quarter of the current year, from $53.3 million to $112.8m, while it advanced from a loss of $49.4m to a profit of $1.6m.
The volume of Atlantic salmon sold by the company in the first six months of the year was up by 50%, caused by higher harvests in the Aysén and Magallanes regions. The average price rose by 5% at the accumulated level and by 39% in Q2 2021 due to the recovery of demand in export markets after the partial reactivation of the world economy.
So far this year, Blumar’s share value is up 25.76%, a reverse of 2020, when shares fell by -29.42%.
