Strong biomass growth for Ice Fish Farm

Icelandic salmon company Ice Fish Farm saw its biomass more than triple last year from 5,233 tonnes to 16,132 tonnes.

It is expecting an even better performance this year, with a harvest guidance of 20,5009 tonnes.

The company said it had seen low mortality and good biological status during the final three months of 2023, except at one site where winter wounds had been a problem. In the first quarter of 2023, the company was forced to suspend all harvesting due to lower winter temperatures and high mortality.

Sales, including 20% sold under contracts, achieved a price of just NOK 79.60 NOK per kilo (£5.96) due to smaller fish and winter wounds. Total Q4 sales were NOK 367 million (around £27m).

For the final quarter of 2023, operating EBIT before fair value adjustment of biomass amounted to NOK 51.7m (£3.85m).

Investment is continuing at pace, the update said, with capital expenditure in Q4 totalling NOK 99m (£7m).  Total investment last year came to NOK 234m (£17m) and is likely to be around NOK 290m (£21m) this year.

February also saw Roy Tore Rikardsen, who has considerable experience in cold water fish farming in Norway and Canada, appointed as Chief Executive Officer, replacing Guðmundur Gíslason who announced in September that he would be stepping down. He has outlined his priorities which include developing the company through entrepreneurial growth and Iceland salmon farming in general. He said he will be focusing on excellence in operations, environmental safety and fish welfare.

Ice Fish Farm is one of the leading salmon farmers in Iceland and is the only salmon farmer in the world with AquaGAP environmental certification, which is assessed by sustainable agriculture body Ecocert.

The Norwegian fish farming group Måsøval Eiendom is a main shareholder in Ice Fish Farm, in partnership with the Icelandic fishing company Ísfélag Vestmannaeyja.