Samherji to invest €432m in expanding aquaculture business

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Icelandic fishery giant Samherji has announced that it will invest ISK 60 billion (€432 million) in expanding its aquaculture business, with a particular focus on land-based salmon farming.

Samherji CEO, Thorsteinn Mar Baldvinsson, announced the plans while laying out the company’s financial results for last year.

The company report post-tax profits of ISK 5.5 billion (€39 million), with total sales for the year coming in at ISK 56.7 billion (€408 million).

Read more: Samherji is building a new land-based salmon farm near Akureyri

“We at Samherji have a lot of faith in land farms, but their construction is hugely expensive. That is why it is of the utmost importance that the company is as financially strong as ever. Our consolidated financial statements shows that this is the case,” Baldvinsson said.

As part of the company’s investment plan, it will not pay a dividend this year, instead putting the money towards its new projects, such as expanding salmon farming operations.

Read more: Samherji Fish Farming’s share capital increased by $26 million

The financial results come two months after the company announced it had completed a US $26 million share capital increase to help support its aquaculture expansion.

As part of its focus on growing its operations, Samherji recently appointed former Mowi CEO Alf-Helge Aarskog to its board of directors.