Multi X reports higher revenues but lower profits

Multi X, one of Chile’s largest salmon farmers, increased harvest and sales volumes in the third quarter of this year both but made a lower operating profit due to lower prices and higher costs.

The company increased its harvest volume by 8.7% compared to the 23,530 tonnes harvested in Q3 2022, and increased sales from 22,801 tonnes (whole fish equivalent) to 35,097 tonnes WFE.

Revenue increased by 45.4% year on year to US $258 million but cost of sales increased by 63% to $235.7m, mainly due to higher farming costs. Ex-farm cost was $4.62 per kilo WFE, a 7.2% rise compared to the $4.31 of Q3 2022. Multi X said this was due to higher feed prices, together with inflationary pressures that have affected the different inputs and services used in the production process.

Operating profit (EBIT) was $13.3m, compared to $24.6m in same period last year.

Consolidated profit for the period, before fair value adjustment, was $5.8m, lower than the $15m made in Q3 2022 and the $7.5m made in Q2 this year.