Norwegian aquaculture giant Måsøval has released its preliminary Q3 2023 trading update.
The firm revealed a harvested volume of 7,037 metric tons, an increase of 45 percent on the same quarter last year.
The company, which includes subsidiaries Aqua Farms Vartdal, Pure Farming, Masoval Hjelpeleskap Drift, and Masoval Hjelpeselskap Lisens, is currently undergoing a strategic reorganization aimed at transforming Måsøval into a holding entity while assigning the responsibility of holding the group’s commercial fish permits exclusively to Pure Farming.
This overhaul involves a de-merger, seeing assets, including biomass, being relocated from Måsøval to Masoval Hjelpeleskap Lisens. Certain operational assets, rights, and obligations will similarly shift from Måsøval to Masoval Hjelpeleskap Drift. Post-reorganization, these entities are set to dissolve, with shareholders compensated through a capital increase in the Måsøval Group.
The full insights into this strategic transformation and its impacts on Måsøval’s operational and financial outlook will be included in the comprehensive Q3 report due on November 21st.
Måsøval’s Q2 report showed a 14 percent decrease in operating revenue at NOK 805 million ($75 million) and nearly 60 percent decline in operational EBIT at NOK 211 million ($20 million), year-on-year.