Masoval bounces back; profits soar for third quarter
Norwegian salmon farming company Måsøval has reported a significant recovery in its financial performance for the third quarter of 2023.
The family-run company, still rebounding from last year’s difficulties with disease and reduced harvest volumes, announced an 80 percent increase in operational earnings before interest and tax (EBIT), reaching NOK 113 million ($11 million).
Måsøval’s operating revenue surged by 78% to NOK 670 million ($63 million), with most of this revenue coming from farmed salmon sales. The sales figures for farmed salmon stood at NOK 617.9 million ($58 million), marking a 75% rise from the previous year.
This substantial growth is partly attributed to a 45% increase in harvest volume, which amounted to 7,037 metric tons for the quarter.
The company is estimating a harvest volume of 24,300 tons for the year with production costs stable for the final quarter of the year. For 2024, a harvest volume of 25,700-26,700 tonnes is estimated.
These results signify a remarkable turnaround for Måsøval, contrasting sharply with the same period last year, when the company experienced a drop in operational EBIT, alongside a 22% decrease in revenue and a reduction in harvest volumes.
Masoval remains under family ownership, with Chairman Lars Masoval, the son of founder Karsten Masoval, at the helm.