Nordic Halibut sees prices rise but profit remains elusive

The company reports that a total of 266 tonnes (head on, gutted) were harvested, marking a 112% increase compared to Q2 2024. The average harvest weight reached 4.3 kg, up 4.9%, year on year.

The company said the average sales price was NOK 170 per kilo HOG (£12.40 per kilo) , representing an 11% increase year on year.

The total revenue for the quarter amounted to NOK 32 million (£2.3m) , up by 68% on the year.

The company recorded a bigger loss year on year, however, with the EBITDA at minus NOK -27 million ( minus almost £2m) , and the net income ending at minus NOK -41 million (minus £3m). The same period last year saw ED+BITDA at minus NOK 11 million (a loss of £819,000).

This volatility, Nordic Halibut said, was due to the accounting policy that juveniles on land are valued at cost, while juveniles released to sea cages are valued under the fair value principle.

Nordic said the development of the new production site in Torjulvågen progressed according to plan during the quarter.

The company operates an integrated and highly developed value chain from genetics to sales and currently has a growth plan to expand production volumes is implemented with production target of 4,500 tonnes HOG by 2027 and 10,350 tonnes HOG within the next six years. Biomass growth remains strong.

It said it plans to create shareholder value by pursuing value accretive organic growth through increased production.

The growth strategy is focused on producing larger-sized halibut to capture strong market demand and deliver improved profitability.

The biological asset production at sea of 388 tonnes, reflects a 15.4% increase compared to the biomass volume at the beginning of the quarter.