Following several challenging quarters, results have improved significantly for Scottish Sea Farms.
SalMar-backed UK salmon producer Scottish Sea Farms has reported strong results for the first quarter of 2024, with operating income increasing from NOK 506 million ($47 million) to NOK 848 million ($78 million) for the period, an increase of 68%.
Scottish Sea Farms (Norskott Havbruk) is jointly owned by Norwegian seafood giants SalMar and Leroy.
The company recorded a harvest of 7,300 tons in the first quarter of 2024, up from 5,200 tons harvested in the same period in 2023.
EBIT per kg gutted weight stood at NOK 18.9 in Q1 2024, showing an increase from NOK 1.7 per kg in Q1 2023, with 45 percent of the volume sold on contracts with negative contribution.
The company anticipates continued favorable biological conditions going forward, with lower costs expected in Q2 2024.
The volume guidance for 2024 remains unchanged at 37,000 tons.
| Figures (NOK Million) | Q1 2024 | Q1 2023 | Full Year 2023 |
|---|---|---|---|
| Operating Income | 848 | 506 | 2,561 |
| Operational EBIT | 138 | 9 | -304 |
| Harvested Volume (1,000 tgw) | 7.3 | 5.2 | 24.9 |
| EBIT/kg gw (NOK) | 18.9 | 1.7 | -12.2 |
| Fair Value Adj. Biomass | 10 | -22 | 16 |
| Profit/Loss Before Tax | 93 | -43 | -482 |
| SalMar’s Share After Tax | 33 | -17 | -168 |
| NIBD (NOKm) | 3,015 | 2,392 | 2,803 |
