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Like Toyota, Cooke's business approach has been so innovative that it could become a standard for other companies
Growth of Cooke's Spanish business: 23% increase to nearly 200 million euros, in the year it rejected acquiring Nueva Pescanova.
SPAIN
Tuesday, December 10, 2024, 00:10 (GMT + 9)
- Culmarex, the Murcia-based fish farm under Cooke's control, returned to profitability in 2023 after posting losses of over 3 million euros in 2022.
- A mixed year for Cooke, the Canadian giant that almost acquired Nueva Pescanova.
 The Canadian group Cooke, led by Glenn Cooke, decided not to take control of the iconic Galician company Nueva Pescanova in 2022, while seeing a rebound in the results of its operations in Spain. The key to this success lies in Culmarex, its Murcia-based aquaculture subsidiary, which managed to reverse million-euro losses and returned to profitability.
Culmarex, acquired by Cooke in 2011 for 48 million euros, has become one of the leading aquaculture companies in Spain, operating a dozen farms from Sagunto to Cabo de Gata. Based in Águilas, this company experienced a significant boost in its financial performance in 2023. It reported profits of 1.4 million euros, surpassing the losses of 3.2 million euros from the previous year, according to Rubén Rodríguez Vázquez's report for Economía Digital Galicia.
Increase in turnover and profitability
Specializing in the production of gilt-head bream and sea bass, Culmarex reached a turnover of 193.6 million euros, representing a 23% increase compared to the previous year. Of this total, 172.2 million came from the sale of white fish, while the rest was from services. Operating profit surged to 9.9 million euros, compared to just 721,000 euros in 2022. However, high financial costs, exceeding 6 million euros, significantly limited net profit.
Group dependence and international focus
Although most of Culmarex's business is generated outside Spain, revenues in the domestic market reached 77.5 million euros, while sales abroad surpassed 95 million euros, with 55 million euros within the European Union and 40 million euros in international markets. A significant contribution came from Cooke Uruguay, a subsidiary dependent on Culmarex since 2018, although it reported losses close to 5 million euros.
At the close of 2023, Culmarex accumulated liabilities exceeding 200 million euros, with only 32 million euros corresponding to bank debt. More than half of this debt, 107 million euros, was owed to companies within the Cooke group itself, further consolidating its internal dependence.
Growth of the workforce
In labor terms, Culmarex increased its workforce by 100 employees in 2023, reaching a total of over 600 workers. This growth strengthens its position as a key player in the aquaculture sector in Spain and the Mediterranean.
While Cooke opted not to acquire Nueva Pescanova, its investment in Spain, represented by Culmarex, proved to be a solid pillar within its international portfolio. Although profitability and growth are promising, the high intragroup debt could be a critical factor for the future financial outlook of the Murcia-based subsidiary, as Rubén Rodríguez Vázquez concludes.
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