‘We are only at the start of our journey’: Land-based producer Salmon Evolution in Q1 profit

Editorial Staff

Land-based salmon producer Salmon Evolution has announced its financial results for the first quarter of 2024.

The Norwegian company reported operating revenues of NOK 100.3 million ($9.2 million) and a group EBITDA of NOK 24.1 million ($2.2 million) for the period, marking a significant milestone with positive EBIT at the group level.

“In Salmon Evolution we have a vision to grow salmon on land with excellent biology in a highly profitable way”, said CEO Trond Håkon Schaug-Pettersen in a stock exchange update on Tuesday.

“The strong results in the first quarter are a testament to this and truly demonstrates that Salmon Evolution has established a unique, efficient and profitable growth platform. We are only at the start of our journey.”

The strong results in Q1, with a farming EBITDA of NOK 36.2 million ($3.3 million) and an impressive EBITDA/kg of NOK 40.2 ($3.70), underscore Salmon Evolution’s efficient and profitable growth platform.

Key highlights from the quarter include a Q1 harvest volume of 901 tons HOG, boasting an average weight of 4.6 kg LW and a superior share of 96%. Additionally, the company achieved record-high standing biomass of nearly 2,700 tons by the end of the quarter, reflecting stable operations and a net biomass growth of approximately 1,560 toss LW, up 8% from Q4 2023.

Looking ahead, Salmon Evolution anticipates Q2 harvest volumes to range between 1,600 to 1,800 tons HOG.


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