Sharp drop in outcomes: – I’m not glad

World Courant

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The Bergen-based salmon farmer posted an working revenue of minus NOK 86 million within the third quarter, in keeping with its newest quarterly report on Tuesday.

It is a lower in comparison with a constructive working revenue of NOK 145 million in the identical interval final yr, and so much decrease than the lack of NOK 38 million that the analyst group had anticipated prematurely, in keeping with TDN Direkt.

The working revenue says one thing in regards to the cleanliness of the corporate’s operations and doesn’t keep in mind how a lot the fish within the cages elevated or decreased in worth throughout the quarter.

– I’m not glad with the consequence, says Andreas Kvame, CEO of Grieg, within the quarterly report.

Precedence given to constructing biomass

Gross sales revenues amounted to NOK 1.2 billion within the quarter, down from NOK 1.7 billion.

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The slaughter quantity was 12,245 tons of fish. Based on the corporate, slaughter quantity was low within the quarter to concentrate on rising the fish and constructing biomass. This in flip has led to larger prices per kilogram of salmon produced. CEO Kvame additional says that the operation was affected by a number of organic challenges, equivalent to spirochete in Finnmark, the slaughter of low weight fish resulting from earlier outbreaks of the fish illness ILA in Rogaland and seasonal organic challenges in British Columbia.

“Sadly, these occasions have diminished worth efficiency and earnings,” says Kvame.

He says they’ll now flip over each stone within the areas to get again on monitor. Measures equivalent to vaccination packages towards ILA and winter ulcers, along with UV filters, have been carried out to stop spirochete from coming into smolting amenities.

Because of the lengthy manufacturing cycles of salmon, it can take a while earlier than the results of the measures are seen, he says.

Grieg Seafood, consequence per third quarter (in NOK MNOK) 2023 2022 Change Turnover 5082 5524 -8% Working consequence (EBIT) 496 1215 -59.2% Revenue earlier than tax 542 1340 -59.6%

Lower once more

The breeder is now once more decreasing slaughter volumes for the present yr.

When the corporate offered third-quarter figures final yr, it estimated the slaughter quantity for 2023 at 87,000 tonnes. This was subsequently diminished to 82,000 tonnes, then to 80,000 tonnes, then to 78,000 tonnes and now to 76,000 tonnes.

For 2024, Grieg Seafood expects a slaughter quantity of 85,000 tons of salmon. A slaughter quantity of 89,700 tons was anticipated in 2024, in keeping with the Infront consensus amongst 9 analysts, writes TDN Direkt.

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Continued billion-dollar funding

Till lately, Grieg Seafood suspended all investments on account of the canon tax filed final yr. The unique proposal was a price of 40 p.c, on prime of the common company tax of twenty-two p.c. After a number of rounds, the Storting lastly adopted a base curiosity tax of 25 p.c.

On Monday night, Grieg introduced that it has determined to proceed with a beforehand deliberate funding in a brand new unit on the smolt plant in Finnmark. NOK 1.1 billion can be invested and the corporate’s annual post-smelt manufacturing within the area will improve from 1,800 tons to 4,800 tons.

Grieg shares are down about two p.c thus far this yr. The corporate is valued at NOK 8.2 billion on the Oslo Inventory Alternate.(Circumstances)Copyright Dagens Næringsliv AS and/or our suppliers. We wish you to share our circumstances by way of hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by legislation. For additional circumstances see right here.

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Printed: 08.11.23 — 09:14

Sharp drop in outcomes: – I’m not glad

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