Ice Fish Farm turns loss into profit

Ice Fish Farm, the Icelandic salmon producer which became the subject of a major share deal earlier this week, has announced a dramatic turnaround in financial performance during the third quarter of this year, its latest figures show.
The business, which is a holding company within the larger Fiskeldi Austfjarði group, reported an operating EBIT of NOK 9.2 million (£768,000) compared to a loss of NOK 17 million (£1.4 million) for the corresponding July to September period in 2019.
Ice Fish Farm, which is listed on the Oslo Merkur Market, saw its revenues shoot up during the quarter from NOK 8 million in 2019 to NOK 50.9 million this year, an increase of 530 per cent. The profit before tax was NOK 4.7 million.
On Monday, the Norwegian investment company Måsøval Eiendom AS entered into an agreement with the NTS subsidiary Midt-Norsk Havbruk (MNH) for the purchase of all the shares in Ice Fish Farm. In return, Måsøval has agreed to sell its holding in Norway Royal Salmon to MNH.
Ice Fish farm is expecting to harvest 8,700 metric tons next year increasing to 15,000 tonnes in 2022.
The company also said that investment in smolt capacity is now moving at a faster pace than originally planned.
Ice Fish Farm is thought to be only salmon farmer in the world with the highly sought after AquaGAP certification which ensures environmentally friendly production.
The company boasts a well-developed and fully integrated value chain controlling, all steps from hatchery to sales.