Scottish Sea Farms reports strong Q4 performance as profitability rises
Scottish Sea Farms delivered a significant increase in profitability in 2024, with a strong fourth quarter performance driven by higher harvest volumes and improved biological conditions. The company reported an operating income of NOK 965 million (£68 million) in Q4 2024, nearly doubling from NOK 497 million (£35 million) in the same period last year.
Operational EBIT for the quarter came in at NOK 93 million (£7 million), a turnaround from negative NOK 47 million (£3 million) in Q4 2023. The company’s EBIT per kg stood at NOK 10.3 (£0.73), a stark contrast to negative NOK 10.3 (£0.73) in the previous year, reflecting improved pricing and operational efficiencies.
Higher Harvest Volumes Drive Growth
Scottish Sea Farms harvested 9,000 tonnes in the quarter, nearly doubling the 4,600 tonnes harvested in Q4 2023. The company attributed this to strong biological development, with the next generation of fish performing well across all regions.
For the full year, harvest volumes reached 40,400 tonnes, up from 24,900 tonnes in 2023, highlighting the company’s recovery and expansion efforts.
Outlook
Looking ahead, Scottish Sea Farms expects continued biological stability in seawater across all regions. The company maintained its FY 2025 harvest guidance at 32,000 tonnes, though noted that site restructuring efforts may temporarily affect short-term output. However, it sees significant long-term growth potential from these operational changes.
Net interest-bearing debt (NIBD) stood at NOK 2,562 million (£182 million) at the end of the quarter, down from NOK 2,803 million (£199 million) a year earlier, reflecting stronger financial discipline and improved profitability.
Scottish Sea Farms is a joint venture between SalMar and Lerøy Seafood Group, owned through Norskott Havbruk.
