Q3 2024 Salmones Camanchaca SA Earnings Call Transcript
Key Points
- Salmones Camanchaca SA (XSGO:SALMOCAM) achieved a significant increase in EBITDA to $9.2 million in Q3 2024, up from $2.9 million in Q3 2023.
- The company reported a reduction in production costs for Atlantic salmon, with ex-cage costs decreasing by $0.61 per kilo compared to the previous year.
- Salmones Camanchaca SA maintained a price premium of $0.76 above the market reference for Atlantic salmon due to its value-added strategy.
- The company demonstrated excellent biological performance with low mortality rates and good sanitary indicators, outperforming industry metrics.
- Net debt was reduced to $150 million, reflecting improved financial management and a stronger financial position.
- Total operating revenues dropped by 12% compared to the previous year due to lower volumes and a slight decline in sales prices for Atlantic salmon.
- Coho sales prices remained 5% below the same period last year, despite recent recovery signs.
- The EBIT per kilo for Coho was negative at $1.28 in the quarter, indicating challenges in profitability for this species.
- Processing costs increased slightly due to a higher share of value-added products and lower volume.
- The Trout joint venture generated a $1.1 million loss, although it was an improvement from the previous year.
Good morning. On behalf of BTG Pactual, welcome to the conference call on the third quarter financial results of Salmones Camanchaca. Manuel Arriagada, CEO; and Daniel Bortnik, CFO, will be presenting. Questions will be taken at the end of the presentation and can be submitted via chat panel. Manuel and Daniel, please proceed with the presentation.
Thank you very much, and welcome again, everyone, to the Q3 2024 results presentation of Salmones Camanchaca. We will focus today on the financial highlights of the quarter, the production and operational updates, sales and marketing topics, and an overview of our growth plan. In the Q3 2024 highlights, in Q3, we achieved an EBITDA of $9.2 million, which is a substantial increase from the $2.9 million in Q3 2023. This growth was driven mainly by a reduction in production costs for Atlantic salmon, particularly due to a strong sanitary and biological conditions in our farms and also a reduction in the feed price. With this, the ex-cage cost was $0
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