World’s second largest salmon producer posts 76% profit increase

Editorial Staff

Norwegian salmon farming giant SalMar has reported strong financial results for the third quarter of 2023.

Key financial figures include an Operational EBIT (Earnings Before Interest and Taxes) of NOK 2.3 billion ($206 million) for the group, and a total harvest of 78,100 metric tons, and an Operational EBIT per kilogram (kg) of NOK 29.5 ($2.64).

The equivalent figure for the same quarter in 2022 was NOK 1.31 billion ($117 million), representing an increase of 76%.

Commenting on the positive quarter, CEO Frode Arntsen, highlighted strong results in the company’s Norwegian operations and progress in implementing strategic measures to strengthen its financial position.

“We have put behind us another good quarter, especially in our Norwegian operations. This has given strong results. Our fish farmers in Central and Northern Norway have achieved good biological results which leads to good financial results. On land our staff and operators in Sales and Industry has handled large volumes well,” said Arntsen.

This success was attributed to solid biological and operational performance, increased volume, and cost reduction within the Norwegian farming segments.

Anticipating significant volume growth in 2024, SalMar has provided volume guidance of 257,000 tons for NorwaySalMar expects significant volume growth in 2024 and will focus on semi-offshore growth due to regulatory uncertainties regarding offshore aquaculture in Norway. The company aims to make the most of its existing semi-offshore units for sustainable salmon production in Norway while exploring opportunities outside the country.


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