November 23, 2022

SalMar Third Quarter Results Underestimated Analyst Expectations

A press release from SalMar shows operating EBIT of NOK 748 million (€ 75.57 million) in the third quarter, compared to € 66.5 million reported in the previous quarter and € 65.1 million for the same period in 2020. The company harvested a total of 52,100 tonnes. of fish, which gives an operational EBIT per kg of € 1.45. Despite these positive results, SalMar’s profits exceeded analysts’ forecasts of 91.8 million euros in profit.

SalMar CEO Gustav Witzøe said: “We are particularly pleased with the results of our fish farming operations during the quarter. As always, healthy operations on salmon conditions combined with the high level of professionalism of our employees are what made this possible.

“In the third quarter, we also took several important strategic steps that will allow SalMar to continue to grow. We have made strategic acquisitions in the value chain, we are nearing the completion of our new harvesting and processing plant in northern Norway and we have entered into a partnership with Aker which will strengthen our fish farming business. at sea, ”said Witzøe.

Other highlights of the third quarter include:

  • Fish Farming Central Norway and Fish Farming Northern Norway continue to post strong results. Performance is particularly impressive in northern Norway, which achieved significantly lower costs than before.
  • Sales and processing maintained a high level of activity throughout the quarter, but increased costs related to logistics and other entry factors weakened the segment’s overall result.
  • Icelandic Salmon continues the positive development of the previous quarter, with good underlying trades. However, the drop in spot prices and the non-recurring costs linked to the development of brands and products weakened its overall result.

Read the full press release here.