Måsøval-backed Ice Fish Farm sees Q4 profits soar

Editorial Staff

Operating profit before biomass adjustments hit $5 million for Q4 2023, up from $1 million a year ago. 

Masoval-backed Icelandic salmon producer Ice Fish Farm has reported a significant increase in its operating profit for the fourth quarter of 2023.

The company, which trades under the name Fiskeldi Austfjarda in Icealnd, saw operating profit before biomass adjustments reach NOK 52 million ($5 million), a substantial rise from NOK 10 million ($1 million) in the same period the previous year.

According to the company’s latest quarterly report, Ice Fish Farm’s turnover for the quarter stood at NOK 367 million ($35 million), up from NOK 248 million ($24 million) in the corresponding quarter of the previous year. The company also noted net value adjustments of the biomass at NOK 105 million ($10 million) for the quarter, compared to a negative NOK 10 million ($1 million) in the previous year.

For 2024, Ice Fish Farm is projecting a harvest volume of approximately 21,500 tons. The first quarter is expected to see a slaughter volume of 4,100 tons. However, the company anticipates challenges with winter sores at one of its locations, where the spring 2022 generation will be fully harvested during the quarter. This issue is expected to impact the price achievement in the first quarter.

Ice Fish Farm, primarily operating in the northeast of Iceland, was listed on Merkur Markets in June 2020, raising NOK 302 million ($29 million) in fresh capital.

The company is majority-owned by the Norwegian farming company Måsøval, which holds 55.6 percent of the shares.


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