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Profand Fishing Holding Achieves 14% EBITDA Growth Despite Marginal Sales Dip in 2023.
Vigo, Spain-based Profand Fishing Holding has disclosed a notable surge in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year 2023, marking a 14% increase compared to 2022, despite experiencing a slight downturn in turnover. Despite a marginal decrease in sales, with revenues totaling EUR 930 million (USD 989 million) compared to EUR 932 million (USD 992 million) in the previous year, the company reported robust financial performance. This achievement is attributed primarily to the global stabilization of operational expenses, particularly in freight and electricity costs, as stated by the company's officials.
Profand, operating as a privately held entity, reported investments amounting to EUR 63.3 million (USD 67.4 million) in 2023, signaling the culmination of a strategic investment plan aimed at expanding its industrial capacity and advancing its vertical integration strategy. This plan aligns with its partnership with leading Spanish supermarket chain Mercadona, which acquired seafood processor and distributor Caladero in 2019, subsequently making Profand its primary seafood supplier.
The investments also encompassed the acquisition of a processing facility in Boston, Massachusetts, previously owned by Stavis Seafoods, which Profand Group acquired in 2018. Additionally, the company ventured into aquaculture with the establishment of a Pacific white shrimp facility in Ecuador.
While Profand recorded an upswing in gross operating profit, its adjusted attributable profit witnessed a decline due to higher interest rates. The company reported adjusted attributable profit of EUR 12.3 million (USD 13.1 million) for 2023, down from EUR 15.6 million (USD 16.6 million) in 2022.
Moreover, Profand underscored its commitment to sustainability, achieving a 16% reduction in energy consumption per metric ton of product and increasing the utilization of recycled plastics to 41.6%. The company's adoption of high-pressure processing (HPP) technology has notably contributed to minimizing food waste and CO2 emissions.
Furthermore, Profand's workforce expanded to 3,497 employees in 2023, reflecting an increase of 267 employees compared to the previous year.
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