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Grieg Seafood EBIT down

Christian Fernsby |
Operational EBIT for Grieg Seafood was NOK 547 million in the second quarter of 2023, compared to NOK 986 million in the corresponding period last year.

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Harvest volume was 22,645 tonnes in the period (23,672), which gives an operational EBIT per kg of NOK 24.2 (41.6).

Harvest volume in Rogaland was 11,536 tonnes in the quarter (5,014), contributing to record high quarter results driven by high prices and optimal timing of harvest.

Farming cost was stable from Q1 2023, somewhat impacted by ISA-related harvesting and write downs.

Addressing the issue, Grieg Seafood has initiated a vaccination program against ISA for all smolt release to sea, and completed additional measures at its smolt facilities, which is expected to reduce risk related to ISA significantly going forward.

Operational EBIT/kg ended at NOK 36.7 for the quarter (48.9), impacted by a reduced superior share, negative contribution from contracts and reduced average harvest weight compared to Q2 2022. Due to early harvest of ISA-infected fish during the first half year, the full year 2023 harvest target for Rogaland is reduced from 29,000 to 27,000 tonnes.

In Finnmark, harvest volume was 5,573 tonnes in the quarter (9,843). Results were satisfactory under prevailing biological conditions. However, biological control has improved throughout the first half of the year, which improves the foundation for growth going forward.

Farming cost was down compared to the previous quarter, mainly due to lower write-down of biomass.

Operational EBIT/kg for the quarter ended at NOK 25.4 (53.0), impacted by a low superior share, low average harvest weight and negative contribution from contracts. To compensate for the advance harvesting in Finnmark in previous quarters, Grieg Seafood plans for no harvest in Q3 2023, prioritizing biomass growth. The full year 2023 target of 26,000 tonnes harvest remains.

In BC, harvest volume was 5,537 tonnes in the quarter (8,815).

The seawater performance during the quarter was impacted by seasonal challenges including sea lice treatments and events of low dissolved oxygen, reducing survival and increasing costs, resulting in negative results for the BC operations during the quarter.

In Newfoundland, both freshwater and seawater production was good during the quarter.

High smolt quality combined with favorable biological conditions contributed to good fish health and survival high. Grieg Seafood plan to release some 2.3 million smolt during 2023. Average weight of fish transferred to sea in 2022 was 2.1 kg and first harvest is expected to commence in Q4 2023. Total harvest for the year is estimated to 5,000 tonnes.


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