Danish fishmeal and fish oil producer TripleNine has returned its best ever financiall results for 2023, indicating a 37% growth over its 2022 figures. But 2024’s outcomes will inevitably be lower, as supplies and markets change.
The Esbjerg-based company’s revenue was DKK2,78 billion in 2023, with post-tax profits of DKK225 million, a 20% increase over its 2022 figure of DKK187 million.
‘2023 was a good year for our activities across the countries in which we operate. Our production volume increased at all our factories at the same time that prices on the global market for fish oil and fish meal has increased. They are because the supply on the world market has decreased, while the demand for the important omega 3 fatty acids, in which we are among the largest players in the world, has remained high,’ said the group’s CEO Casper Andersen.
‘In addition to external events, we can also see that strategic changes we have implemented in recent years are beginning to bear fruit. We are stronger than before, not least thanks to being focused and to the dedicated efforts of our staff. We can look positively to the future, even though both raw material volume and prices will hardly be able to be maintained at the level we have seen in 2023.’
TripleNine has production activities in Chile, Denmark and Norway, and especially in Chile and Norway the level of activity has increased significantly. At the same time, the demand for fishmeal and fish oil remained at a high level in a market with declining supply – particularly within the aquaculture industry, which is where a large part of TripleNine’s products go, inclouding to salmon farming in Norway.
‘Aquaculture is the most efficient way to produce animal proteins, both in terms of feed yield, water consumption and carbon footprint, and in addition to providing humans with essential amino acids we cannot generate ourselves. With our production, we have contributed to over 10 million healthy meals for people in the world every single day throughout 2023,’ Casper Andersen said.
As production of fishmeal and fish oil require relatively large energy supplies, TripleNine has again invested in measures in 2023 that can reduce energy consumption in both the short and long term. In 2024, investments will be further increased.
While most things turned right for TripleNine in 2023, things look different this year. Both the volume and market prices are likely to be lower, and one of the reasons is the UK’s ban on catching sandeel in large parts of the British part of the North Sea.
‘2024 looks slightly different from 2023, and this is due to several factors. We are partly dependent on the world market price of fishmeal and fish oil, which have been historically high, but are probably set to drop slightly this year, and partly we are dependent on the fishermen’s catch of industrial fish such as sandeel,’ Casper Andersen said.
‘We already know that the volume will be somewhat lower in 2024, and therefore we will not reach quite the same record level of revenue and earnings as in 2023. However, our industry is used to a certain variation in the market, and we will continue with out our long-term investments.’
