Faroese-owned salmon farmer Bakkafrost Scotland has delivered robust financial results for the second quarter of 2024, with the company’s Farming Scotland segment showing significant growth across key financial metrics.
The firm’s operating revenue for the quarter surged to DKK 861 million (€112 million), representing a 55% increase compared to DKK 556 million (€72 million) during the same period in the previous year.
This performance was underpinned by a notable improvement in the operational EBIT per kilogram, which rose by 65% to DKK 11.66 (€1.52) from DKK 7.05 (€0.92) in Q2 2023. The increase in profitability reflects the segment’s enhanced operational efficiency and favorable market conditions.
Harvested volumes for the quarter reached 11,366 tonnes gutted weight, a 55% increase from the 7,343 tonnes recorded in Q2 2023. For the first half of 2024, Bakkafrost Scotland’s operating revenue climbed to DKK 1,398 million (€182 million), up from DKK 1,191 million (€155 million) in the corresponding period last year.
However, the operational EBIT per kilogram for H1 2024 decreased to DKK 8.42 (€1.10) from DKK 11.29 (€1.47), indicating pressure on margins despite higher revenues.
The company also reported a significant reduction in costs associated with incident-based mortality, which fell to DKK 3 million (€0.39 million) in Q2 2024, down sharply from DKK 32 million (€4.16 million) in the same quarter of the previous year.
