SalMar adjusts harvest guidance for 2024 due to severity of jellyfish problems

Editorial Staff

Norwegian salmon farming giant, SalMar, has posted its results for the final quarter of 2023.

The fourth quarter saw the company achieve an operational EBIT of NOK 2,158 million ($205 million), with a harvest volume of 83,100 tons. The operational EBIT per kg stood at NOK 26 ($2.47)

In Norway, the harvest volume reached 73,600 tons with an operational EBIT per kg of NOK 28.8 ($2.74)

The year 2023 was marked by a 31% increase in consolidated harvest volume to 254,100 tons and an operational EBIT of NOK 8,088 million ($770 million), with an EBIT per kg of NOK 31.8 ($3.03).

The board of directors has proposed a dividend of NOK 35.00 ($3.33) per share for the financial year 2023, reflecting the company’s strong results and financial position.


In an update posted on Thursday, CEO Frode Arntsen commended the team for their impressive performance and operational efficiency. He highlighted the successful integration of NTS, NRS, and SalmoNor, and the resilience of SalMar’s organization.

“Looking ahead, we see a large potential for improvement and growth in all parts of our business. Despite unresolved regulatory frameworks we firmly believe that our current operational structure has potential for further growth going forward, said Arntsen.

“We remain committed to our volume ambition presented at the capital markets day in September last year (362,000 tons) despite challenges at the end of 2023 due to jellyfish. We shall continue to deliver healthy and sustainable salmon to the world.”

Harvest guidance

The company reported strong results in the farming segments in Norway, driven by efficient operations. However, jellyfish attacks in the fourth quarter increased cost levels per kg, accoording to the company.

Icelandic Salmon faced biological challenges early in the fourth quarter, affecting results. SalMar Aker Ocean, which includes two semi-offshore projects and Arctic Offshore Farming, started its first harvest during the quarter.

For 2024, SalMar has adjusted its harvest guidance in Norway to 237,000 tons due to jellyfish attacks. The volume guidance remains unchanged at 7,000 tons from SalMar Aker Ocean, 15,000 tons in Iceland, and 37,000 tons in Scotland (100% basis).

Despite regulatory uncertainties, CEO Arntsen sees substantial potential for improvement and growth across the business. He reaffirmed the company’s commitment to its volume ambition of 362,000 tons, despite the challenges faced at the end of 2023.


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