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In its 2023 financial results, Ecuadorian shrimp company Industrial Pesquera Santa Priscila has reported stable revenue and improved gross profit, despite a decline in net profit. The company’s seventh processing plant, located near Guayaquil, is expected to be partially operational by June 2024 and reach full capacity in the coming months.
Stable Revenue and Improved Gross Profit
Santa Priscila’s revenue from regular operations reached USD 1.47 billion in 2023, up 0.5% year-over-year, while sales reached USD 1.41 billion, stable compared to 2022 and up 41% compared to 2021. The company’s gross profit rose 11% to USD 230 million from USD 207 million in 2022, driven by increased production capacity.
However, Santa Priscila’s net profit fell 19% to USD 99.4 million from USD 123 million in 2022 due to lower global shrimp prices. Ecuadorian shrimp is one of the cheapest US imports, averaging USD 3.19 per pound in March. The company’s total cost of sales and production was USD 1.23 billion, up nearly 3% from the previous year.
Increased Production Capacity
Santa Priscila’s seventh processing plant will be able to process about 11 million pounds of shrimp per month, or 60,000 metric tons per year, increasing the company’s total processing capacity to 60-65 million pounds per month by August. This expansion will enable the company to meet growing demand for its products.
Santa Priscila is Ecuador’s largest shrimp producer and exporter, with significant growth in the US market driven by investments in new processing technology and the ability to meet market demand. The company expects to produce 350,000 tons of shrimp this year, up 10-12% from last year.
Outlook for the Future
Despite facing anti-dumping duties from the US Commerce Department ranging from 1.54% to 10.58%, Santa Priscila remains committed to expanding its production capacity and meeting growing demand for its products. With its seventh processing plant expected to come online soon, the company is well-positioned for continued growth and success in the global shrimp market.