Sustaining the Planet and Sustaining Commercial Success

Picture credit: Paul Einerhand on Unsplash

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The United Nations Sustainable Development Goals (SDG) set a lofty target for the world to meet by 2030.

The goals include a global end to poverty and hunger. They also include responsible consumption and production as well as a commitment to sustainable use of the oceans and other marine resources.

One Florida-based seafood company has pledged commitment to sustainability goals while it continues to make itself successful and profitable.

Blue Star Foods Corp. BSFC has its own version of the SDGs. The company prides itself on its three pillars of environmental sustainability, corporate ethics and an integration of environmental, social and economic dimensions in its business practices.

The company’s food portfolio includes wild-caught premium crab meat and farm-raised salmon, and will be adding Soft Shell crab on demand through its own Recirculatory Aquaculture system technology starting in February 2022. Its products can be found in a wide range of stores, including those owned by Walmart Inc. WMT, Costco Wholesale Corp. COST and Kroger Co. KR.

The company isn’t new. It was established in 1995 with the aim of providing the American market with a healthy and delicious crab product that was caught responsibly and produced sustainably.

“Throughout the past 25 years, sustainable development has been at the core of our business strategy and brand ethos,” Blue Star Chairman and CEO John Keeler said in the company’s first Sustainability Report produced in 2020. “For Blue Star, sustainability is not just a trend or clever growth tactic; it is central to our operations — a mainstay of growth and innovation.”

Acquisitions Driving Growth

Blue Star has been busy. In mid-December, the company announced its third acquisition in two years, agreeing to buy certain assets of South Carolina-based Gault Seafood LLC.

The acquired technology assets give Blue Star the ability to harvest the Atlantic blue crab out of season and fit in with the company’s overarching sustainability goals. 

“The acquisition of Gault Seafood follows an M&A strategy that we have established for ourselves, which is to acquire new innovative technologies, or companies where we can layer in our sustainable resource management model or that diversifies our offering of marine protein species,” Keeler said at the time of the acquisition announcement. 

Until now, Blue Star has been sourcing most of its crab from South East Asia. It also has crab-processing plants in the Philippines while the company’s salmon production is based in North America.

Blue Star, which began trading on the Nasdaq Stock Market in November, reported third-quarter sales totaling $3.73 million for the three months ending Sept. 30, up from $2.13 million in the second quarter of 2021. The Adjusted Cash Net Income for the three months ended September 30, 2021, was $367,382 compared to $31,573 for the three months ended June 30, 2021. Net Income for the three months ended September 30, 2021, was a loss of $161,788 compared with a loss of $437,127 for the three months ended June 30, 2021. 

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.