PRFOODS, one of the Baltic’s fastest growing seafood and fish farming businesses, has unveiled a record performance in 2016.
The company is engaged in the production and processing of fish products in Finland and Estonia, and fish farming in Sweden and Finland.
Trout farmed in the lakes of Sweden and in the archipelago in the Turku area in Finland, as well as salmon imported from Norway, are processed in the production facilities of Heimon Kala OY in Renko, Finland, and in Vettel OÜ on the island Saaremaa, Estonia.
PRFoods said in a statement: ‘We exceeded our revenue prognosis by 2.4 million euros and profit before taxes and depreciation (EBITDA) increased by 28.7 per cent or 0.6 million euros.
‘The company achieved revenue of 47.4 million euros (Q4 sales were 16.9 million euros), but we also faced very rapid increase in raw material prices well into Q4.’
Last year was a successful one for fish farming operations, said the company. The season started much earlier in Finland and Sweden, and good climatic conditions lasted throughout the farming season.
‘We improved the quality of feeds and feeding technologies, which resulted higher growth in biomass.’
At the end of 2016, biomass was 16.7 per cent higher (1,418 tonnes) on a year on year basis, providing the firm with the majority of raw material needed (for its processing operations) for the spring-summer season when access to third party raw material is usually restricted.
‘Access to raw material, in particular farmed rainbow trout, remains critical and our own farms give the company a unique advantage in the current markets.’
Fish processing struggled with increased raw material prices, affecting both volumes and prices, and PRFoods pulled out of several low margin private label products, resulting in loss of sales.
The company’s main market is Finland, but it predicts rapid development of other markets, including in the Baltics, Asia and Europe.
‘We aim to achieve in the long-term, 40 per cent exports from our total sales.’