Solid Q4 performance from SalMar

Mefjord Vinter_SalMar

SalMar, the world’s second largest Atlantic salmon farmer, produced “very solid results” during the final quarter of last year, figures published today show.

The company plans to pay NOK 4.6bn (around £345m) in dividends for the whole year.

SalMar announced a Q4 group operational EBIT or operational profit of NOK 2.16bn (£162m), up nearly 115% from the same period in 2022. This was the first year in which SalMar’s accounts include the former NTS operations which the group acquired

The harvest volume was 83,100 tonnes and an operational EBIT per kg of NOK 26 (almost £2).

SalMar said the company passed several strategic milestones, strengthened its financial position and demonstrated strong operational performance throughout the year.

However, jellyfish (“pearl normanets”, also known as string jellyfish) attacks during the autumn continued to present challenges for the business.

Operational EBIT for the group ended at NOK 2,158 million (£162m) in the fourth quarter.

The slaughter volume was 83,100 tonnes and operational EBIT per kg was NOK 26 (£1.96).

Norway slaughtered 73,600 tonnes with an operational EBIT per kg of NOK 28.8 (£2.17)

As a result of the successful integration of NTS, NRS and SalmoNor, strong performance by employees and good operations, 2023 was a new record year for SalMar.

Consolidated slaughter volume increased by 31% to 254,100 tonnes and operational EBIT ended at NOK 8.09bn (£610m), which resulted in an operational EBIT per kg of NOK 31.8 (£2.34).

Based on good results in 2023 and the strong financial position, the board recommends a dividend of NOK 35.00 per share (£2.64) for the financial year 2023.

Frode Arntsen, CEO SalMar

SalMar CEO Frode Arntsen said: “The SalMar team has once again performed well and delivered impressive results, both in terms of operational operations, realization of synergies and execution of strategic processes.

“I am proud of our dedicated and skilled employees and the strength that the SalMar organization has shown throughout 2023.

“We see significant potential for continued improvement and growth in all parts of our business going forward. Despite unresolved regulatory matters, we are confident that we will be able to increase production and grow further with our current operational structure.”

He added: “Our volume ambition that we presented at the capital market day in September last year (362,000 tonnes) remains firm, despite challenges with pearl [jellyfish] at the end of 2023. We will continue to deliver healthy and sustainable salmon to the world.”



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