Nordlaks posts record revenue in 2024 amid strong prices and operational gains.
Norwegian salmon producer Nordlaks reported record-high operating revenues of NOK 5.53 billion ($536 million) in 2024, driven by higher salmon prices and a favourable exchange rate, according to its newly released annual accounts. This marks an increase of 15% compared to 2023.
The group harvested 49,607 tonnes of salmon in 2024, up 2,700 tonnes year-on-year. CEO Eirik Welde noted that the company faced challenges from high sea temperatures and sea lice pressure during the summer months but managed the situation through “gentle delousing methods” such as laser-based lice removal and lice skirts.
He also highlighted improved fish health outcomes, citing the company’s use of vaccination against winter ulcers.
Operating profit for the year was NOK 1.67 billion, up from NOK 1.39 billion in 2023. The net profit after tax was NOK 1.06 billion, nearly doubling from NOK 560 million the year before. The lower tax charge of NOK 463 million reflects one-off valuation effects related to the introduction of Norway’s ground rent tax in 2023.
The company’s results also include proceeds from the sale of its wellboat Bjørg Pauline.
Investment pipeline and community contributions
Nordlaks initiated several major investments in 2024, including construction of a new slaughterhouse, a pre-rigor filleting plant, and an administrative building at Børøya. These are expected to be completed by 2027. The company is also expanding smolt production, with a new facility at Nusfjord due to begin operations in 2025. Delivery of the semi-closed facility Hydra is scheduled for the same year.
Nordlaks stated that these investments are financed through operational earnings and bank lending.
In 2024, the company contributed NOK 3.2 million to 117 local projects, associations, and organisations across its operating areas. It also distributed salmon as part of its sponsorship activities.