SalMar posts record 3Q operating profit
The SalMar Group on Friday posted a third-quarter operating profit of NOK 225.1 million (USD 39.8 million, EUR 26.9 million), triple the figure from the same period last year and the highest quarterly operating profit ever recorded by the Norwegian company.
One of the world's largest farmed salmon producers, SalMar attributed the growth to “strong operational efficiency, an improved biological situation [and] high harvest volumes and salmon prices.”
SalMar, including its 50 percent share of Norskott Havbruk AS, harvested 23,400 metric tons of gutted salmon in the third quarter of 2009, up 9,300 metric tons from the same period in 2008.
The company reached an operating profit of NOK 11.24 (USD 1.99, EUR 1.34) per kilogram of gutted salmon in the third quarter of this year, up from NOK 6.36 (USD 1.12, EUR 0.76) in the same period last year.
Through the first three quarters of this year, the company churned out 53,800 metric tons of gutted salmon, up 10,100 metric tons from last year's nine-month total. In 2008, SalMar yielded 65,100 metric tons of gutted salmon.
In releasing its third-quarter results, SalMar also announced that it has agreed to acquire Volstad Seafood AS outright (SalMar already holds a 33 percent share in the Norwegian company). Pending approval from regulators, the transaction is scheduled to be completed in the fourth quarter.
Volstad, which distributes salmon and whitefish, generated operating revenues of NOK 437 million (USD 77.3 million, EUR 52.5 million) and a pre-tax profit of NOK 5.9 million (USD 1 million, EUR 704,800) in 2008.
SalMar holds 54 salmon-farm licenses in Norway, while Norskott Havbruk owns Scottish Sea Farms Ltd., Great Britain's second-largest salmon farmer, with a production capacity of more than 30,000 metric tons.