SalMar Reports Positive Biological Development
Operational Results
Operational EBIT for Norway was at NOK 1,466 million for the second quarter of 2024. Harvest volume was 44,100 tonnes and operational EBIT per kg was NOK 33.2.
Operational EBIT for the Group was NOK 1,393 million for the second quarter. Harvest volume was 44,800 tonnes and operational EBIT per kg was NOK 31.1.
The Fish Farming segment in Norway showed improved biological performance, although harsh winter conditions and extreme weather earlier in the year continued to negatively impact the company's share and price achievements, particularly for Farming Northern Norway.
Sales and Industry demonstrated an efficient and flexible operational setup, with a contract share of 46 percent, which combined with high spot prices resulted in a negative contribution.
Icelandic Salmon reported high costs due to ongoing biological challenges in the quarter and low harvest volume, affecting results.
SalMar Aker Ocean successfully transferred smolt for a new production cycle at Ocean Farm 1, with planned harvest in 2025.
Scottish Sea Farms reported a solid quarter with increased harvest volume, improved weights, and strong biological status in all regions.
Sustainable Growth
“SalMar has implemented decisions aimed at delivering on our ambitions for sustainable growth. We acquired additional production capacity in a recent government-managed auction in Norway and have been granted 10,000 tons of MAB in Iceland,” said Frode Arntsen, CEO of SalMar ASA.
Recently, SalMar was recognized by a prominent magazine as one of the world's most sustainable companies, demonstrating a commitment to sustainability. Additionally, SalMar's revolving credit facility and term loan have been linked to ESG performance indicators, marking a significant step in financial sustainability.
In recent developments, SalMar launched its updated green bond framework to finance sustainable initiatives throughout the value chain.
Innovation and Research
In the recent past, SalMar launched the Salmon Living Lab in collaboration with a global food corporation, aimed at developing sustainable solutions for salmon farming. This initiative has garnered strong interest from various stakeholders across the value chain.
Kristine Hartmann was appointed as the head of the Salmon Living Lab, responsible for leading the development of this initiative moving forward.
Volume Guidance and Outlook
The harvest guidance for Norway remains unchanged at 237,000 tonnes in Norway, 7,000 tonnes from SalMar Aker Ocean, and 37,000 tonnes in Scotland (100% basis). Iceland's forecast is reduced to 13,000 tonnes.
“We are well prepared to continue our growth. While we celebrate our achievements, we recognize the need to actively improve our operational efficiency across all aspects of the company,” concluded Arntsen.
The complete report and presentation for the second quarter are available for review.
For further information, please contact:
Frode Arntsen, CEO
Tel: +47 482 06 665
Email: frode.arntsen@salmar.no
Ulrik Steinvik, CFO
Tel: +47 900 84 538
Email: ulrik.steinvik@salmar.no
Håkon Husby, Head of Investor Relations
Tel: +47 936 30 449
Email: hakon.husby@salmar.no
About SalMar
SalMar is one of the world's largest and most efficient producers of salmon, with farming operations in multiple regions and a strong commitment to sustainable aquaculture practices.
Frequently Asked Questions
What was the operational EBIT for Norway in Q2 2024?
The operational EBIT for Norway in Q2 2024 was NOK 1,466 million.
How many tonnes were harvested by SalMar in the second quarter?
SalMar harvested 44,800 tonnes in the second quarter.
What sustainability initiatives has SalMar undertaken?
SalMar has launched a green bond framework and linked its loans to ESG performance metrics.
Who is the head of the Salmon Living Lab?
The head of the Salmon Living Lab is Kristine Hartmann.
What is SalMar's future harvest guidance?
SalMar's future harvest guidance remains at 237,000 tonnes in Norway, among other forecasts for different regions.
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