Revenue and profit rose for Multi X in Q1

Chile’s second largest salmon farmer, Multi X, made an operating profit of US $34.7 million in the first quarter of this year, a 19.8% increase compared to the same period in 2022.

The improvement was due to higher sales prices and a 53.7% year-on-year increase in harvest volume to 24,628 tonnes (whole fish equivalent). Sales volume increased 25,228 WFE tonnes, and revenue was up by 50.7% to $205.2m.

Gains were partly offset by higher sales costs, which increased by 59.1% to $170.4m, mainly due to higher operating costs in farming.

Ex-cage cost was $4.43/Kg WFE, (Q1 2022: $3.87), an increase mainly caused by higher feed prices, as well as inflationary pressures that have affected the different inputs and services used in the production process.

Consolidated profit for the period, before fair value adjustment, was $13.9m, higher compared to Q1 2022 ($13.3m) and higher than the previous quarter ($10m) despite the increase in financial cost.