Omega Protein processing plant in Reedville, Virginia. (Photo: Stock File)

Fishmeal and fish oil sales boost Omega Protein's revenues

Nutritional product company Omega Protein Corporation (OME) achieved 21 per cent increase in revenues in the second quarter this year, from USD 93.2 million in the same period last year to USD 112.7 million mainly due to a growth in animal nutrition revenues.

"Our second quarter consolidated financial results reflect the continued strength in our animal nutrition segment," commented Bret Scholtes, Omega Protein's President and Chief Executive Officer.

The executive explained that the animal nutrition good yields is the result of higher fishmeal and fish oil sales volumes of 47 per cent and 101 per cent, respectively and despite the decline in sales prices of these products.

In his opinion, the decrease in fish oil sales prices is a reflection of prevailing market conditions and prices when underlying sales contracts were executed, as well as a change in the product mix of higher priced refined and lower priced crude oils.

In reference to the human nutrition segment, the executive said they are building a stronger foundation through their strategic initiatives and regain operating momentum for sustainable growth,

The company also reported growth in its adjusted EBITDA, which totalled USD 28.6 million for the second quarter of 2016, compared to USD 21.6 million for the same period last year and USD 20.4 million for the first quarter of 2016.

Meanwhile, Omega’s revenues in the first six months of 2016 increased 20 per cent to USD 197.5 million compared to USD 164.8 million for the same period last year.

In the first half of this year, Omega Protein's revenues increased 20 per cent year on year, to USD 197.5 million and the adjusted EBITDA was USD 49.1 million compared to USD 32 million in the corresponding period last year. 

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