Icelandic seafood leader reports solid 2024 results

Net profit, including the share of profit from associated companies and financial items, amounted to €45.6m (£38.7m) after taxes.

 

Samherji’s sales totalled €443m (£382m) last year, with revenue increasing by nearly 6% year-on-year.

 

Earnings before depreciation and financial items (EBITDA) totalled €61,4m, representing a decline of just over 17% from the previous year.

 

The share of profits from associated companies amounted to €11.7m. This figure declined year-on-year, primarily due to lower earnings from Síldarvinnslan hf., resulting from no capelin season in 2024.

 

At year-end 2024, Samherji hf.’s total assets stood at €802.2m (£691m(, and equity amounted to €578.8m (£498m).

 

The group’s equity ratio at year-end was 72%, compared to 73% at the end of 2023. The equity ratio has remained high in recent years, reflecting significant investments in core operations and a solid financial position.

 

Samherji CEO Baldvin Thorsteinsson said it was a successful year overall for the company’s demersal fishing (catching fish species that live on or near the seabed) and processing operations: “I want to highlight the fact that from the onset, Samherji has placed strong emphasis on investments through the construction of new vessels, modern processing plants, and the implementation of new technological solutions across its operations.

 

“As a result, the investment ratio has remained high. Since I became a shareholder in the company in 2019, 88% of the Samherji Group’s profits have been allocated to direct investments in fishing, processing and land-based aquaculture.”

 

He added: “The company’s strategy is to continue this path. The largest current project is the Salmon Garden, a new land-based aquaculture facility in Reykjanes [south-west Iceland], which will create a number of permanent, year-round jobs locally and significant export revenue.”

 

Samherji has fish farming operations primarily located in Iceland, with a focus on land-based facilities. The company has a pilot project in Öxarfjörður, in north-eastern Iceland, as well as the Salmon Garden.