Måsøval's annual profit drops despite stronger Q4 2023 revenue, harvest

The company announced the sale of Western Seaproducts to Ode
A Masoval fish-farming operation in Norway
A Masoval fish-farming operation in Norway | Photo courtesy of Måsøval AS/Sondre Marøy
6 Min

A larger harvest and higher average sales prices helped Frøya, Norway-headquartered salmon-farming group Måsøval achieve operating revenues of NOK 688.4 million (USD 65.4 million, EUR 60.3 million) in the fourth quarter of 2023, up from the NOK 400.3 million (USD 38 million, EUR 35.1 million) reported for the corresponding period of 2022.

For the full year 2023, Måsøval’s operating revenues exceeded NOK 2.4 billion (USD 227.9 million, EUR 210.2 million), up from just under NOK 2 billion (USD 189.9 million, EUR 175.2 million) in 2022. Its operational EBIT, though, fell from NOK 693.4 million (USD 65.8 million, EUR 60.7 million) to NOK 471.4 million (USD 44.8 million, EUR 41.3 million), while its profit before tax also fell from NOK 802.7 million (USD 76.2 million, EUR 70.3 million) to NOK 164.2 million (USD 15.6 million, EUR 14.4 million).

The group harvested 24,531 MT of HOG salmon last year, up from 21,879 MT in 2022, and for 2024, its harvest guidance is in the range of 25,700 to 26,700 MT, with 3,200 MT forecast for the first quarter. Farming Mid is expected to contribute 80 percent of the volume.

Måsøval has also confirmed that it has agreed to sell its harvesting company in Vartdal to Norwegian cod farmer Ode, formerly the Gadus Group. The deal will see Western Seaproducts become a fully owned subsidiary of the Ode group.

According to Måsøval, Ode will continue operating the facility as a primary processing facility for cod while planning to develop secondary processing capacity for cod and its byproducts.

Måsøval also announced the acquisition of ... 

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