Family fish farmer quadruples Q1 profit

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The family-owned Måsøval salmon farming group saw its operating profit more than quadruple, year on year, during the first quarter of 2022.

The Norwegian company announced a Q1 EBIT (earnings before interest and taxation) of NOK 75 million (£6.25m) against NOK 18m (£1.5m) for same period 12 months earlier.

Måsøval also confirmed that it intends to apply for a listing on the main Oslo Stock Exchange later this year to fund growth.

Founded 50 years ago, the company, which is based in based on Frøya in the Trøndelag region , was one of the early Norwegian salmon farming pioneers.

Q1 turnover more than doubled, totalling NOK 280m (£23m) on a harvest volume of 3,284 tonnes against NOK 113m (£9.4m) last year.

The company expects a second quarter harvest volume of 6,000 tonnes and 27,500 tonnes for the full year.

Måsøval launched its new brand Pure Princess in Barcelona last month. The brand is linked to the newly acquired company Pure Norwegian Seafood, which is responsible for the export of Måsøval’s fish.

Five months ago Måsøval AS bought 100% of the shares in the operating activities of Vartdal Invest AS, which include several aquaculture-related companies. The purchase price was around £128m.

The Vartdal Group is a fully integrated breeder, and currently has four permits for the production of salmon in production area 5 (“PO5”) with a total maximum permitted biomass of 3,120 tonnes.

Vartdal has its own production of smolt and post-smolt. Post-smolt production takes place on land in facilities with a flow of salt water.

Asle Rønning, CEO, Måsøval

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