Inarctic

Performance indicators

2023: Revenue growth by 21% to RUB 28.5 billion

Inarctika's consolidated revenue in 2023 reached 28.5 billion rubles, which is 21% more than a year earlier (23.5 billion rubles). In 2021, revenue was measured at 15.9 billion rubles. The largest Russian company in the commercial fish (aquaculture) sector published such data on January 24, 2024.

According to Interfax, citing materials from Inarctika, the company's sales amounted to 28.2 thousand tons, which is 10% more than the previous year. The biomass of fish in water by the end of 2023 amounted to 34 thousand tons against 36.2 thousand tons in 2022 (-6%).

Inarctika's consolidated revenue in 2023 reached 28.5 billion rubles

Throughout 2023, the company continued to adapt to multidirectional changes in the external environment, investing in vertical integration and improving business sustainability. We managed to achieve strong operational indicators, - said Andrei Baranov, Deputy General Director of Inarctika, whose words are quoted by the company's press service.

According to him, Inarctiki managed to achieve record revenue by increasing sales and rising sales prices against the background of a confident market recovery.

"Inarktika" is engaged in growing fish in the waters of the Barents Sea in the Murmansk region, as well as trout in the lakes of Karelia. She owns 10 farms for breeding Atlantic salmon and sea trout in the Barents Sea, 3 sites for growing rainbow trout on Segozero in Karelia. The potential for fish breeding in these reservoirs is estimated at 60 thousand tons (live weight), according to the company's data at the end of 2023. At that time, the main owners of Inarctika were Svinin & Partners Management Company LLC (24.9%) and Maxim Vorobyov (22%). The general director of the company, Ilya Sosnov, directly owned 2.1%, his company IGS Invest - 17.2%.^[1]

History

2023

Raising 3 billion rubles with SPO

At the end of November 2023, Inarctika held an SPO (secondary public offering of shares) on the Moscow Exchange, thanks to which the largest producer of aquaculture salmon and sea trout in the Russian Federation was able to attract about 3 billion rubles. The company intends to spend the funds received on business development and corporate goals.

According to TASS, citing the Inarctika press service, the sale price of shares within the SPO was set at 900 rubles per share. The volume of applications for the purchase of shares exceeded 3.3 million shares. More than 13 thousand investors were attracted to the share capital structure, the share of the company's securities in free circulation increased to 17.8%. The securities sold under the SPO included 1 million shares sold by Inarctika North-West LLC and 2.3 million shares sold by IGS Invest JSC.

"Inarctic" conducted SPO

Inarctica expects that SPO will allow the company to strengthen its position in the public equity market through the influx of new investors into the shareholder structure, an increase in free-float, as well as an increase in liquidity of the Company's shares. In addition, an increase in free-float will be a step towards including Inarctika shares in the base for calculating the main index of the Moscow Exchange.

The proposal attracted the attention of a significant number of private investors for us. Demand at the time the book closed completely covered the estimated volume of placement. At the same time, the placement along the lower border of the range also allowed institutional investors to enter and form a more balanced shareholder structure, "said Ilya Sosnov, general director of Inarctika.

According to him, the funds raised from SPO, in particular, will go to investment projects as part of a vertical integration strategy aimed at multiple growth of the group's business.^[2]

Purchase of Mulinsky fish farm

The largest fish growing company in the Russian Federation, Inarktika, bought the Mulinsky fish farm in the Nizhny Novgorod region. The corresponding entry in the Unified State Register of Legal Entities (USRUL) was entered on March 17, 2023. Read more here.

Purchase of the Arkhangelsk Algae Plant

In early February 2023, it became known that the largest Russian producer of salmon and trout Inarctica (PJSC Inarctica) entered into a deal to buy the Arkhangelsk Algae Plant (AVK LLC). Read more here.

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