A new report from financial consultancy Humphreys has revealed
positive analyses of Chilean-headquartered salmon farming companies that
publicly report their results – AquaChile group, Multi X, Salmones
Camanchaca and Blumar – writes Fish Farming Expert’s Chilean sister site, Salmonexpert.cl.
The report indicated that the liquidity of companies in the
industry, measured as a current ratio (current assets over current
liabilities), has remained above 1.0 in most periods. AquaChile is the best
positioned entity with assets valued at 4.7 times its liabilities in September
2025. This is explained by its limited level of financial debt, composed almost
entirely of long-term lease liabilities.
In general, Humphreys noted, “these companies tend to
maintain high levels of liquidity given their volatility, with the main
components of current assets being current biological assets and of current
liabilities being trade payables and other payables”.
Debt to equity
The relative indebtedness of the companies analysed,
measured as total liabilities to equity, tends to be within the most limited
levels compared to the rest of the industries analysed by Humphreys.
As of September 2025, AquaChile was the firm with the lowest
debt to equity of 0.3 and shows a marked downward trend, maintaining its
leadership since 2019.
The remaining companies maintain leverage that fluctuates
around one, with Multi X having the highest at 1.2 times in September 2025.
Taking profitability into account, the most stable indicators were presented by Blumar and Camanchaca, companies that have a more diversified
income because they also have fishing operations.
11.2% value growth
But it was AquaChile that put on the most value – 11.2% – during
the 12 months ending in September 2025.
AquaChile produced 250,933 tonnes (whole fish equivalent) of
Atlantic and coho salmon in 2024, according to its integrated annual report for
that year. That volume included 133,000 tonnes (head on gutted) of Atlantic
salmon, sector heavyweight Mowi reported in its Salmon Farming Industry Handbook
2025.
According to the handbook, Multi X harvested 80,000 tonnes
HOG of Atlantic salmon in 2024, Blumar harvested 47,000 tonnes HOG, and Camanchaca
harvested 43,000 tonnes HOG. Camanchaca also produces coho salmon.
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