Leading land-based salmon producer Salmon Evolution has reported a strong performance for the second quarter of 2024, with operating revenues of NOK 170.5 million ($15.7 million/€14.5 million).
The company recorded a group EBITDA of NOK 45.4 million ($4.2 million/€3.9 million) and generated a positive cash flow from operations amounting to NOK 37.5 million ($3.5 million/€3.2 million). The results were supported by a record harvest of 1,581 tons HOG (head-on gutted) and favorable price realization.
Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution, highlighted that the company has generated nearly NOK 300 million ($27.6 million/€25.4 million) in revenues in the first half of 2024, with a farming EBITDA close to NOK 100 million ($9.2 million/€8.5 million).
“We are also very pleased with the phase 2 financing package completed during the quarter and look forward to continue our growth journey at Indre Harøy”, he said.
He emphasized that Salmon Evolution has successfully established an efficient and profitable growth platform.
The company also reported several key developments for the quarter, including continued strong price realization at NOK 106/kg ($9.73/kg/€9.01/kg) and a superior grade share of 96%.
The company’s financial position remains robust, with NOK 983 million ($90.4 million/€83.6 million) in available liquidity, including committed undrawn credit facilities.
Schaug-Pettersen and CFO Trond Vadset Veibust are scheduled to present the Q2 2024 results at Hotel Continental in Oslo on August 15. The presentation will also be available via live webcast.
