Russia’s top producer of farmed fish reported increase in financial results for 2023

March 22, 2024 10:20

PJSC INARСTIСA, the largest Russian company in the commercial aquaculture, announced audited financial results for the year 2023.

The company's revenue in 2023 increased by 21% to 28.5 billion rubles on the back of sales growth.

Gross profit increased by 38% to 21.2 billion rubles.

Adjusted EBITDA amounted to 12.9 billion rubles, at the level of last year. The EBITDA margin is 45%.

Net assets reached 39.7 billion rubles.

Net profit increased by 27% to RUB 15.5 billion.

The amount of dividends paid increased by 18% and amounted to 3.9 billion rubles.

Ilya Sosnov, General Director of Inarctica, commented:

"In 2023, we observed a recovery in demand for salmon in the Russian market in volume and value terms, Inarctica’s sales in 2023 showed growth not only by 2022, but also by pre-crisis 2021, reaching 28.2 thousand metric tons. The company's revenue in 2023 increased by 21% year-on-year due to the dynamics of demand and work in the chilled products segment.

The high level of adjusted EBITDA and EBITDA margin by the end of 2022 was partly due to temporary macroeconomic factors, which affected the slowdown in dynamics in 2023, while we show a significant increase in indicators by 2021 as a result of the company's work to increase sales – adjusted EBITDA reached 12.9 billion, which is almost twice as high as 2021, profitability EBITDA amounted to 45% against 42% at the end of 2021. Inarctica is one of the most effective public companies in the aquaculture segment.

Effective growth and low debt burden allow us to regularly share the results of our work with shareholders. In 2023, we successfully implemented an SPO deal, during which we attracted more than 13 thousand investors into the share capital structure, the number of Inarctica’s shareholders reached more than 200 thousand, which I consider the best evidence of the company's investment attractiveness."

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