Marel's general manager, Arni Oddur Thordarson. (Photo: Marel)

Marel achieves strong results in Q3

Multinational company Marel informed that in the third quarter this year its revenue reached EUR 247 million compared to EUR 234.8 million in the same period a year ago thanks to good market conditions.

The firm’s EBITDA for the period from July to September was EUR 45.8 million (18.6 per cent of revenue) compared to EUR 41.5 million and its EBIT increased by 12.6 per cent, to EUR 37.6 million (15.2 per cent of revenue).

Marel’s acquisition of Sulmaq, a Brazilian primary meat processing equipment provider, was finalized on August 31, 2017 and it is not expected to have a material impact on Marel’s financial results.

“By being the leading global provider to three industries; poultry, meat and fish we counterbalance fluctuations in business unit operations, leading to good overall operational results,” pointed out the firm’s CEO Arni Oddur Thordarson.

Marel provides advanced processing systems and services to the poultry, meat and fish industries. Overall the business is showing good operational performance with a solid 15 per cent EBIT and good underlying market fundamentals.

The operational performance of Marel Fish is still below long term targets and potential but is on track towards more streamlined and focused organization.

The firm outlined that its Fish Division performed as expected in Q3 delivering good order intake, and improving operational margins.

During the quarter, Marel secured large orders in Norway, South Africa and Iceland and during the first 9 months, Marel Fish generated EUR 91 million in revenue and EUR 4 million EBIT (3.9 per cent of revenue).

Marel Fish accounted for 12.2 per cent of its total revenue for the first 9 months of the year.

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