Norwegian krill harvester and processor Aker BioMarine reported a decrease in both revenues and earnings in 2021, in part due to low harvest volumes.

The company, controlled by Norwegian billionaire Kjell Inge Rokke, reported full year revenue of $262 million (€230 million) with earnings before interest, taxation, depreciation and amortization (EBITDA) margin of 18 percent, which was significantly down from last year’s $288.6 million (€244 million) and 27.1 percent.

The company announced last fall that its full year’s sales and earnings would be affected by "significantly lower" harvest volumes.

The weak 2021 harvest was due to low krill availability in one fishing area and challenging ice conditions in August and September in another, the company said in September.

The company reached a total krill harvest volume of 43,800 metric tons during the year.

The company plans for an average annual harvesting volume of 55,000-60,000 metric tons and. This year's harvesting volume so far has reached 10,750 metric tons.

The krill harvesting season in Antarctica starts in December and lasts around 10 months.

Seafood news on the go!
Read our unrivalled news and insight on your mobile, with customizable menus, favorites and breaking news alerts.

South Korean market strikes further blow

The drop in Superba krill oil sales to South Korea and the 2020 Kori launch cost were two other main factors that resulted in the company having to revise its figures.

However, looking ahead, the company has ambitious growth plans and aims to nearly double
revenues over the next four years and lift profitability, CEO Matts Johansen said.

During the year, the company obtained full distribution for its Kori brand at two big US retailers, Sam’s Club and Costco. The company aims for its first commercial supplement product, Lysoveta, to ready by end of year.

The ongoing process to spin off its plastic recycling service company Aion is expected to be concluded in first half 2022. Aker created the company in 2020 with the aim to list it as a separate company.

Aker BioMarine listed on the Oslo Stock Exchange's main market in April, nearly 15 years after the group first went public on the exchange before lackluster financial performance forced it to de-list.

Aker’s principal owner, Kjell Inge Rokke, partnered with Norwegian salmon farmer SalMar last year to create a new global offshore aquaculture company.