The company reported increased harvest volumes, good harvest weights, and improved biological conditions across all regions.
Scottish Sea Farms, a joint venture between SalMar and Lerøy Seafood, reported significantly improved financial performance in the second quarter of 2024 compared to the same period last year.
The company harvested 12,200 tonnes in Q2 2024, nearly doubling the 6,300 tonnes harvested in Q2 2023.
Operating revenues for the quarter reached NOK 1.4 billion ($133 million/€120 million), a sharp increase from NOK 692 million ($65 million/€59 million) in the corresponding quarter of the previous year.
| USD million | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 |
|---|---|---|---|---|
| Operating income | 133.02 | 65.05 | 212.63 | 112.52 |
| Operational EBIT | 22.00 | -13.54 | 34.97 | -12.69 |
| Harvested volume (1,000 tgw) | 12.2 | 6.3 | 19.5 | 11.5 |
| EBIT/kg gw (USD) | 1.80 | -2.14 | 1.79 | -1.11 |
| Fair value adj. biomass | 2.54 | 1.50 | 3.48 | -0.47 |
| Profit/loss before tax | 18.89 | -17.95 | 27.64 | -22.09 |
| SalMar’s share after tax | 5.73 | -7.33 | 8.84 | -8.93 |
| NIBD (USDm) | 245.72 | 248.02 | 245.72 | 248.02 |
Operational EBIT for the quarter was NOK 234 million ($22 million/€20 million), compared to a loss of NOK 144 million ($14 million/€12 million) in Q2 2023.
The EBIT per kg gutted weight was NOK 19.1, a significant improvement from NOK -22.8 per kg in the same period last year.
SalMar’s share of SSF’s net profit for Q2 2024 amounted to NOK 61 million ($5.7 million/€5.2 million), reflecting the joint venture’s continued positive trajectory, with increased harvest volumes, good harvest weights, and improved biological conditions across all regions.
Scottish Sea Farms has maintained its volume guidance for 2024 at 37,000 tonnes, with expectations of continued favorable biological conditions in all operational regions.
