The Norwegian investment bank DNB Markets estimates that the Chilean salmon farming company Camanchaca posted a revenue of 373 million dollars, and net profits of 59 million US dollars, in 2020. Centro Ecoceanos call on communities of southern Chile to reflect on who is winning and who is losing during the Covid-19 pandemic.
Santiago de Chile, May 18, 2020 (Ecoceanos News). The Norwegian investment bank DNB Markets estimates that the Chilean salmon farming company Salmones Camanchaca, which is registered on the stock markets of Santiago and Oslo, saw record high revenues during the 2020 season.
A recent financial report, made by DNB Markets, signals that Salmones Camanchaca made 330 million US Dollars in 2019, which increased to 373 million US Dollars in 2020. In addition to this, their EBITDA (Earnings before interest, taxes, depreciation, and amortization) increased from 91 million US Dollars to 99 million US Dollars during the same period, and with an increase in net profits, from 52 million US Dollars to 59 million US Dollars.
Salmones Camanchaca: Increasing Profits on the Main World Market of Maritime Food Products
Salmones Camanchaca, owned by Jorge Fernández and Francisco Cifuentes, became the first and only Latin-American company to be listed on the Oslo Stock Exchange (Norway) in February 2018, the largest marketplace for maritime food products in the world. Between January 1 and 31, 2020, its shares on the Oslo Stock Exchange rose by 10.98%.
After two years of dual financial operations, also being registered on the Santiago Stock Exchange, Salmones Camanchaca has grown a 68% in the Norwegian market, funnelling the growth to produce 80,000 tonnes of salmon.
Who gains and who loses during the Covid-19 induced crisis, in the salmon farming regions of Chile?
While the population and workers of the salmon farming regions, Los Lagos, Aysén and Magallanes, are suffering the economic and social impacts of the Covid-19 pandemic, salmon farming companies have seen a constant increase in net profits.
The net profits of Salmones Camanchaca – one for the ten largest Chilean salmon farming companies – have increased with 49% between July and September 2019, registering earnings of 22 million US Dollars. After reviewing the year 2019, the company places among the 20 most profitable companies within Chilean capital, with an index of 15.45%.