Increased NTS activity driven by Frøy merger

Aslak Berge

NTS did better in Iceland than in Norway in Q4.

The fully integrated aquaculture group NTS Group posted its fourth-quarter results on Wednesday morning. Operating revenues in the quarter ended at EUR 47 million, a significant increase from EUR 23 million in the same quarter last year. The period’s EBITDA was EUR 16 million, up from EUR 12 million. “The increase in EBITDA is mainly due to a merger with Frøy Group,” the company wrote in a stock exchange announcement.

NTS’s fish farming business Midt-Norsk Havbruk harvested 3,108 tonnes of salmon in the fourth quarter. The average EBIT per kg was EUR -0.11 in the period. The decrease is mainly due to lower sales prices in the quarter, higher production costs and higher harvest costs.

Agreed sale
In the fourth quarter, the fish farming segment harvested 1,561 tonnes of salmon and 87 tonnes of Arctic char. The average EBIT per kg was EUR 0.47 in the period, while EBIT per kg for salmon was EUR 0.78 in the quarter. NTS’s shares in Ice Fish Farm, listed on Euronext Growth (Oslo Stock Exchange), have been agreed sold as part of a transaction with Måsøval Eiendom and Måsøval Fishfarm.

The planned harvest volume for 2021 is 22,500 tonnes, an increase of 4,000 tonnes compared to the original planned volume for 2020, which represents an increase of 20 per-cent.

The wellboat business area achieved a pre-tax profit of EUR 3.6 million, up from EUR 1.3 million in the same quarter in 2019. The increase is mainly due to the merger with Frøy Group. The companies Selskapene Fisketransport, Frøy Rederi, Polarfjell and Norsk Fisketransport make up this segment. The company operated a total of 13 vessels, one of which is leased on a bareboat charter. 11 of the vessels have fixed contracts at the end of the period, while two operate in the spot market. The wellboat segment has contracted a total of five wellboats.

NTS merge with Frøy Group in April last year, the aquaculture service boat business area was resumed as a reporting segment. This consists of the companies Frøy Nord, NCE, Frøy Vest, Stava Sjø, Frøy Akvaressurs and Frøy Akvaservice. They had access to 62 vessels at the end of the quarter. The business achieved a pre-tax profit of EUR 3 million. Four older service vessels have been sold during the quarter.

NTS has not yet decided on dividends. Proposals for 2020 will be presented at the next board meeting.


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