Large drop in Scottish Sea Farms Q3 profits
Scottish Sea Farms has reported a sizeable drop in its harvest and profits between July and September this year.
The company’s third quarter results are published by its joint owner SalMar today and show a marked change on the same period last year.
The joint venture, which also involves the Leroy Seafood group as co-owner, produced revenues of NOK 679 million (£51m) against NOK 1,176 million (£88m) a year ago.
The operational EBIT or operational profit was just NOK 8 million (£600,000) compared with NOK 90 million (£6.7m) in Q3 2024.
The Q3 harvest was down, year on year, by more than 4,000 metric tons, falling from 11,900 tons in 2024 to 7,200 tons this time.
Scottish Sea Farms recorded a loss for the quarter of NOK -47 million (£3.5m) against NOK -29 million (-£2.1m) in Q3 2024 and SalMar’s share of that loss after tax was NOK -21 million (-£1.5m).
While the reduced harvest total goes some way to explaining the reduced operational profit, EBIT per kilo also fell compared with the same quarter last year, at NOK 1.2/kg (£0.09) against NOK 7.6/kg (£0.57) in Q3 2024.
SalMar says that Scottish Sea Farm had good harvest weights and good biological performance in the period.
The volume guidance for 2025 has been increased by 1,500 tons to 33,500 tons due to good biological performance. For next year, the expected harvest volume is 45,000 tons, representing a 34% increase year on year.
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