Vigo-based Grupo Profand, one of Spain's largest seafood companies, saw its turnover pass €800 million ($818.5 million) in 2021, more than 20 percent higher than the previous year, and nearly four times higher than just two years prior, thanks to a string of acquisitions and sales growth.
Although the company was impacted by increased costs in raw materials, packaging, freight and energy during the year, it still managed to post earnings before interest taxes, depreciation and amortization (EBITDA) of €74 million ($75.7 million), according to figures released Tuesday.
Backed by Spanish investment giant Corporacion Financiera Alba, Profand has been expanding and diversifying geographically, by species and formats.
In March, Profand acquired Greek seabass and seabream producer Kefalonia Fisheries, giving it a significant presence in the farmed species.
The deal capped a massive growth spree in the past four years.
In 2018 Profand took control of US-based Stavis Seafoods via subsidiary IMV Holdings, giving the Spanish group a significant presence in the US distribution market.
That same year, the company inked an agreement with Argentina's Newsan Food to integrate part of its fishing business with the aim of growing in Argentina and the United States.
At the end of 2019, the company acquired rival Caladero for €87.5 million ($106.4 million), and began supplying all the refrigerated fish to retailer Mercadona.
Additionally, the group is investing more than €20 million ($20.5 million) in its operations in Vilagarcia and Zaragoza, Spain.
Profand recorded a turnover of €238.2 million ($289.8 million) in 2019, a figure to which should be added €204 million ($248.2 million) of Caladero's sales that year and about €150 million ($182.5 million) of its business in the United States.
The company has a fleet of 22 factory vessels as well as 12 factories and 2,500 employees across South America, Europe, Africa and Asia.
Grupo Profand was created in 2011 after the merger of companies Congelados Marinos Promar and Frigorificos Frandino.
