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Surging domestic farmed salmon demand paves way to healthy earnings for Russian Aquaculture
The Russian salmon market grew 50% in the first half of 2021, and the leading aquaculture producer in the country reaped the rewards. Russia’s largest salmon farming company, Russian Aquaculture, saw improvements in its key financial results in the first half, thanks to a significant increase in sales volumes as Russia's domestic salmon market boomed. The company’ sales volumes grew 35 percent year-on-year to reach 13,000 metric tons, driving up revenue by 28 percent year-on-year to RUB 6.7 billion (€77.2 million/$91.1 million). Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) grew 6 percent to reach RUB 2.4 billion (€27.6 million/$32.6 million). Net profit reached RUB 2.0 billion (€23 million/$27.2 million), compared with a loss of RUB 0.4 billion (€4.6 million/$5.4 million) in the same period of 2020, mainly due to the excellent growth rate of fish, which had a positive effect on the revaluation of biological assets. Biomass at the end of the first half of the year totaled 22,200 metric tons, up 138.7 percent from this time of 2020. Surging domestic demand According to Russia’s federal fishery agency, Rosrybolovstvo, the Russian salmon market grew 50 percent by volume through June compared with the first half of 2020, and by 47 percent from the first half of 2019. The country’s overall farmed salmon production grew 57 percent in the first half of 2021 compared to this time last year to reach 77,000 metric tons. Production of Atlantic salmon saw an almost fivefold jump to 14,300 metric tons, with trout production increasing 36 percent to 62,700 metric tons. New investments In May, Russian Aquaculture acquired an additional 60 percent stake in Murmansk-based seafood processor Tri Ruchja and Murmanrybprom for RUB 358.5 million (€3.9 million/$4.8 million), bringing its ownership stake in its processing plant to 100 percent. Russian Aquaculture continues to plot expansion, and allocated RUB 2.2 billion (€25.3 million/$29.9 million) to put toward processing capacity and farming equipment. Russian Aquaculture is one of Russia’s leading Atlantic salmon and trout producers farming in the Barents Sea in the Murmansk region, as well as in the lakes of Karelia. The company owns 38 sites for salmon and rainbow trout farming, with total potential production volume of around 50,000 metric tons of salmonids. Russian Aquaculture’s development strategy provides an increase in production to 35,000 metric tons by 2025.