Norwegian land-based producer Gigante Salmon has released its financial report for the second quarter of 2024.
In the second quarter, the company appointed Kjell Lorentsen as CEO on 23 April and completed significant infrastructure work, including the technical room and piping for production basin two. A new board was elected at the Annual General Meeting on 15 May.
The company secured NOK 120 million ($11.28 million/€10.20 million) in long-term loan financing from SpareBank 1 Nord-Norge, with backing from Export Finance Norway (Eksfin). Additionally, a private placement on 13 June was successfully increased to NOK 225 million ($21.15 million/€19.13 million) due to strong investor demand.
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Post-balance sheet developments include the hiring of Tore Laugsand as deputy CEO and the completion of a subsequent offering on 9 July, which generated gross proceeds of NOK 16.1 million ($1.51 million/€1.37 million).
CEO Kjell Lorentsen expressed optimism about the company’s progress: “The summer has given us very positive experiences with the facility, with stable temperatures and good growth. It’s great to say that the average weight in our test production has now passed 1,000 grams.”
Throughout Q2, the company’s total investments increased to NOK 792.8 million ($74.53 million/€67.39 million) from NOK 641.7 million ($60.32 million/€54.54 million) in Q1 2024.
The company strengthened its financing by approximately NOK 361 million ($33.93 million/€30.69 million) through long-term loan financing, a private placement, and a subsequent offering.
CFO Rune Johansen added, “We are delighted by the trust from the investors, and with strengthened financing and a well-functioning facility, it is a pleasure to work in such a dedicated and competent organisation.”
