Despite the loss, in its annual report, which has been released today, the group says it’s on track to meet its target of harvesting 7,000 tonnes of barramundi in 2026, from its operations in Australia, Brunei and Singapore.
The group’s revenue increased by 15 per cent to SGD 32.7 million, driven by increased volumes and higher prices. Sales volumes were 1,951 tonnes in 2021, compared to 1,837 tonnes in 2020. Operating performance improve by 31 per cent, with an operating EBITDA of SGD -6.4 million.
On a net profit level, one-off events, including a write-off of property, plant and equipment and goodwill impairment following a consolidation of the Singapore operations, led to a significantly higher loss than in 2020, despite the better operating performance.
In 2021 the group started preparations for significantly expanding the production capacity beyond 7,000 tonnes.