Norwegian land-based farmer Andfjord Salmon has reported a mix of progress and challenges in its third-quarter results.
The company achieved its first sales after the inaugural harvest in July, generating revenue of NOK 37.3 million ($3.5 million).
However, it also reported widening operating losses of NOK 28.2 million ($2.6 million), a 60% increase on the same quarter last year.
The company’s CEO, Martin Rasmussen, struck a positive note, hailing the pace of construction at the Kvalnes site.
Construction work at the Kvalnes facility is progressing ahead of schedule, with excavation expected to be completed in the first quarter of 2024, earlier than the planned second quarter.
“The plan was to complete the excavation by the end of the second quarter of 2024. Right now it looks like we will complete this work during the first quarter of next year, a great start to our development at Kvalnes,” said Rasmussen. “In summary, we are exactly where we want to be,
Currently, 80 percent of the excavation work is complete, according to the exec. The first phase of construction includes major shared infrastructure such as waterways and a harbor area, utilizing excavated materials from pool pits for the development of the new harbor.
Andfjord Salmon plans to increase production volume to 8,000 metric tons by 2025, aiming for a total production capacity of 40,000 metric tons by 2030.
