Norwegian salmon farmer Måsøval has reported robust financial performance for the second quarter of 2024, with revenues reaching NOK 934 million ($88.6 million), an increase from NOK 804 million ($76 million) in the same period last year.
The company faced significant volatility in salmon market prices throughout the quarter.
“Salmon prices was a real roller coaster this quarter with large volatility. Our harvesting profile was somewhat tilted towards the end of the quarter, when prices were low. All in all we nonetheless realize prices that was NOK 8 higher than same quarter last year,” said CEO Helge Kvalvik.
The company’s farming segment delivered robust operational results, benefiting from lower costs and improved prices. The realized cost per kilogram (GWE) for the group was NOK 51 ($4.84), a notable improvement from NOK 63 ($5.98) in the same quarter last year. Kvalvik praised the performance, particularly highlighting the achievements in the western region, which posted record margins.
Looking forward, Kvalvik expressed enthusiasm about the upcoming operational launch of Måsøval’s new harvesting plant, TL52, scheduled for September. He believes the plant will enhance the company’s value chain through tighter integration of sales and processing, offering greater flexibility and stability.
Måsøval has revised its annual harvest guidance for 2024, projecting a range of 26,500 to 27,500 GWT, up from 24,500 GWT harvested in 2023.
The Q2 report and presentation are available for review, with a Norwegian-language presentation by CEO Helge Kvalvik and CFO Anders Hagestande at Hotel Continental, also accessible via a live webcast.
