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Barramundi Group (BARRA) investor relations material

Barramundi Group H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2024 earnings summary12 Dec, 2024

Executive summary

  • Ongoing restructuring, including operational pivot from Singapore to Brunei, delayed reporting but is progressing with creditor negotiations and a court-approved scheme to address debt obligations.

  • Revenue for 1H 2024 declined to SGD 7.3m (USD 7.27m), down from SGD 15.9m (USD 9.32m) in 1H 2023, reflecting business scope reduction and deconsolidation of subsidiaries.

  • Net loss for 1H 2024 narrowed to SGD 3.4m (USD 3.78m) from higher losses in 1H 2023, mainly due to discontinued operations and cost reductions.

  • Brunei operations expanded with increased sales tonnage, new product launches, and successful deployment of new sea cages.

  • Fassler segment improved EBITDA margin year-over-year, driven by new high-margin products despite inflation and commodity volatility.

Financial highlights

  • Gross margin improved in 1H 2024 as raw material costs fell, but overall group revenue and cash balances declined.

  • Operating EBITDA loss narrowed to SGD 1.5m, and net finance costs reduced year-over-year.

  • Total borrowings stood at USD 16.11m as of June 2024, with USD 10.21m subject to restructuring.

  • Net assets decreased to USD 5.19m from USD 5.35m at year-end 2023.

  • Net repayment of borrowings and lease liabilities totaled USD 1.39m in 1H 2024.

Outlook and guidance

  • Restructuring resolution expected by first half of 2025, with updates via Euronext and company website.

  • Targeting steady-state production of 1,000 metric tonnes per year in Brunei, with five additional net pens and three more stockings planned for 2025.

  • Cautious optimism for rapid ramp-up in production and continued vaccine commercialization efforts, including SDDV and two additional pathogens.

  • Fassler to focus on growing trading revenues and premium product rollout.

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Frequently asked questions

Barramundi Group is a global aquaculture company specializing in the sustainable farming of barramundi, a premium white fish. The company operates a fully integrated value chain, covering areas from genetics and fish health to farming, processing, and product distribution. With ocean farms in locations such as Australia, Singapore, and Brunei, Barramundi Group leverages advanced aquaculture technology to deliver responsibly raised fish to consumers worldwide. Barramundi Group is headquartered in Singapore, and its shares are listed on the Oslo Stock Exchange.

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