ISI reports big jump in first quarter sales and profits
The seafood exporter Iceland Seafood International has reported a big jump in first quarter sales, with salmon a major factor.
Revenues rose by 22.4% between January and March to €146m (£127m) with the net margin up by €800,000 to €13.2m (£11.5m).
The net profit for the period rose by just over €1m to €2.1m (1.8m).
ISI said sales in the southern Europe division were €61.1m (£53m) in the period, an increase of 7% from last year. The northern Europe division reported sales of €16.1m, representing a 12% increase compared with the same period last year.
The company said salmon prices during the quarter were lower than forecast, although supply remained strong. In contrast, whitefish prices increased significantly amid tight supply, while overall positions in both salmon and whitefish were broadly in line with the previous year.
The Irish operation, which includes a large smoked salmon business, reported an NPBT (net profit before tax) of €107,000 (£92,500), up from €74,000 in Q1 2025. Based on forecasts for price and supply, salmon prices are expected to follow a pattern consistent with previous year.
CEO Ægir Páll Friðbertsson described the results for the first quarter as being "highly satisfactory".
He said: “We have successfully navigated a challenging operating environment, while a global reduction in cod quotas has resulted in significantly lower supply compared to recent years.
“All divisions of the company increased sales compared to the same period in 2025, further strengthening our position for the remainder of the year.
“The outlook for the coming months indicates that cod supply will remain constrained, while the salmon market is expected to be characterised by price sensitivity, with more stable pricing and good supply.
“To strengthen our control of the supply chain for Argentine shrimp, the company invested in fishing operations in Argentina last year, and the effects of this investment are expected to materialise in the second half of the year.”
He added: “There has been significant growth in salmon farming in Iceland, which is a positive development."
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