Land-based farmer Andfjord Salmon issues upbeat Q2 update on back of strong first harvest

Editorial staff

“We are exactly where we want to be,” says CEO Martin Rasmussen.

Land-based salmon producer Andfjord Salmon has revealed its financial results for the second quarter of 2023.

For Q2 2023, the company, which currently has 1,000 metric tons of production capacity, reported operating income of NOK 9.6 million (€835,000), compared to zero in the same quarter the previous year, according to a release issued by the company on Thursday.

The period saw its operating losses increase to NOK 18.1 million (€1.6 million), up from NOK 10.4 million (€905,000) in Q2 2022.

The company’s first-ever harvest of Atlantic salmon in July saw a survival rate of 97.5 percent, with 91.1 percent of the fish were judged as superior in quality, with an average weight of approximately 3.4kg per fish.

The harvest generated revenue of NOK 37.1 million (€3.2 million).

In June, Andfjord announced securing bank financing amounting to NOK 900 million (€78 million) to support its ambition of achieving a production capacity of 40,000 metric tons at Kvalnes. This milestone is part of a phased growth strategy aiming for an initial volume of 8,000 tons by 2025.

“Our first production cycle was a success, from a biological, technical, and commercial point of view,” said CEO Martin Rasmussen.

“In summary, we are exactly where we want to be. We have built up trust in our flow-through technology and biological performance, and the next construction phase is on track,” he said.

Amid these developments, groundwork and excavation for the expansion at Kvalnes is progressing, with preliminary blasting and excavation tasks having commenced in early September.

Further underlining its growth, Andfjord Salmon is also progressing with the development of two other sites – Breivik and Fiskenes – with the overarching ambition of reaching a total production volume of 90,000 tonnes across all locations.


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