Stavis parent Profand's profits take a hit as group struggles to pass on surge in costs

Vigo-based Grupo Profand, one of Spain's largest seafood companies and the owner of seafood distributor Stavis Seafoods in the United States, saw its profits hit by surging costs last year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2022 were 19 percent lower compared to 2021, according to annual results published by the company Wednesday.

This decline resulted from the company's decision not to pass on the surge in operating costs to consumers, according to a statement from the group.