Scottish Sea Farms posts strong financial recovery in Q3 2024.
Lerøy Seafood Group reported a significant turnaround in Scottish Sea Farms (SSF), a joint venture with SalMar, following a challenging 2023.
In its Q3 2024 financial update, Lerøy highlighted SSF’s operational and financial improvements, with a noteworthy profit contribution before fair value adjustments related to biological assets.
SSF posted NOK 15 million ($1.3 million) in profit in Q3 2024, a stark contrast to a loss of NOK -67 million (-$6 million) in the same period last year.
The first nine months of 2024 reveal an even stronger recovery, with SSF’s contribution improving from NOK -137 million (-$12.2 million) in 2023 to NOK 101 million ($9 million) this year.
Scottish Sea Farms Managing Director Jim Gallagher said: “The many mitigation measures put in place over the last 18 months, combined with significant ongoing investment including the relocation and consolidation of farms, are delivering real results.
“Fish growth is strong, harvest sizes are amongst our best ever and average annual survival to date is at its highest in three years, helping return the company to its previous strong biological and financial position.
“As with all farmers however, we remain vigilant to the challenges of a changing climate and continue to adapt our practices as required.”
Leroy CEO Henning Beltestad praised the company’s positive operational performance.
“Scottish Sea Farms has shown substantial year-over-year profit growth, underscoring strong biological performance,” Beltestad noted.
