Brighter Q1 results from Grieg Seafood and Salmon Evolution

Two Norwegian salmon companies, Grieg Seafood and Salmon Evolution, have published encouraging 2024 first quarter trading updates.

The Grieg output is up by more than 30% on a year ago and totals approximately 21,000 tonnes against 15,350 tonnes 12 months ago.

The main reason for the improvement is that British Columbia is now back in action and there was a sizeable contribution from Newfoundland, Grieg’s new location.

There was no harvest from BC last year, according to plan. But there was also an improved showing from Rogaland, one of Grieg’s Norwegian regions. Finnmark, however, was down.

The figures are made up as follows (Q1 2023 totals in brackets): Rogaland 9,400 tonnes (7,500 tonnes); Finnmark 5,700 tonnes (7,850 tonnes); Newfoundland 5,200 tonnes (zero) British Columbia 700 tonnes (zero).

Trond Håkon Schaug-Pettersen, CEO Salmon Evolution

Meanwhile, the young land-based company Salmon Evolution started the year with continued good operational results and strong harvest numbers.

The highlights include a Q1 output of 901 tonnes with an average weight of 4.6kg and a superior grade share of 96%. The period also included an all-in price realisation of NOK 108 per kg.

Salmon Evolution also saw a record high standing biomass of almost 2,700 tonnes at the end of the quarter.

The company said the Q2 harvest volumes are expected in the range of 1,600 – 1,800 tonnes HOG.

It added: “In the first quarter we had an industry leading superior grade share of 96%, continuing to demonstrate excellent fish welfare.”

CEO Trond Håkon Schaug-Pettersen added: “With Q2 harvest volumes expected to double from Q1, Salmon Evolution is uniquely positioned to capitalize on the current record high salmon prices.”