(Singapore, 29 April 2022) Barramundi Group recorded a 15 per cent growth in revenue and a 31 per cent improvement in Operational EBITDA from 2020 to 2021 but returned a net financial loss for the year. The group is on track to meet its target of harvesting 7 000 tonnes of Barramundi in 2026.
Financial highlights (in SGD thousands, 2020 numbers in parenthesis):
- Revenue 32 701 (28 364)
- Operating EBITDA – 6 350 (- 9 240)
- Group EBIT* – 19 221 (-11 343)
In 2021, Barramundi Group’s revenue increased by 15 per cent to SGD 32.7 million, driven by increased volumes and higher prices. Sales volumes (WFE) were 1 951 tonnes in 2021, compared to 1 837 in 2020.
Operating performance continued to improve, resulting in a 31 per cent improvement in Operating EBITDA to SGD -6.4 million.
On a net profit level, one-off events, including a write-off of property, plant and equipment and goodwill impairment following a consolidation of the Singapore operations, led to a significantly higher loss than in 2020, despite the better operating performance.
Barramundi Group continues to be on track to produce 7 000 tonnes by 2026 across the operations in Australia, Brunei, and Singapore. In 2021 the group started preparations for significantly expanding the production capacity beyond 7 000 tonnes.
Barramundi Group will present the results in a webcast today at 10:00 (CET) / 16.00 SGT. Please find the presentation material attached.
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Please see the attached Full year report for 2021 for detailed accounts:
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About Barramundi Group
Barramundi Group brings great-tasting premium quality fish to the world, with sustainability at our core. The Group’s mission is to help close the world’s protein gap by tapping into the potential of barramundi. Through their pioneering, world-class research and technology, their sustainable best practices enables them to produce responsibly-farmed barramundi while safeguarding the world’s oceans and environmental resources.
As one of the largest barramundi producers in Australasia, Barramundi Group operates through a unique end-to-end aquaculture model, with comprehensive in-house capabilities ranging from vaccine development, end-product innovation and processing, to hatchery facilities.
The Group also boasts a robust commercial reach across key markets including Singapore, Australia, China, Hong Kong, South Korea, and the U.S. Barramundi Group’s future growth plan looks to tap into the growing global demand for barramundi and the overall consumer trend towards sustainable consumption, which is projected to increase exponentially over the next five years.
*Group EBIT before fair value adjustments.
Alternative performance measures
Barramundi Group Ltd discloses alternative performance measures as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are commonly used by analysts, investors and other stakeholders to evaluate the performance of the company and its businesses. The measures are provided to give an enhanced insight into the operations of the company and its businesses.
Operating EBITDA and/or Operational EBITDA is net profit/(loss) before amortization and depreciation expenses, finance costs, provision for income taxes, excluding new sites and one-off non-operational costs.