Mitsubishi Corporation, the parent company of Cermaq Group, revealed the salmon farmer saw an increased profit in the nine months ending 31 December, 2024.
According to Mitsubishi’s results, Cermaq posted a nine-month profit of JPY 8.1 billion (USD 53 million, EUR 51 million), an increase over the JPY 7.6 billion (USD 50 million, EUR 48 million) it posted in the same period of 2023. That made the company Mitsubishi’s highest profit company in its food industry segment.
The company said its salmon farming business was impacted by a decline in the market during the summer “as usual,” with the price for its salmon bottoming out at NOK 68 (USD 6.06, EUR 5.84) per kilogram in October.
“Since then, the market has gradually recovered due to reduced supply towards the end of the year,” Mitsubishi said.
Prices in the first week of 2025 spiked to NOK 130.59 (USD 11.64, EUR 11.21) per kilogram, which Mitsubishi attributed to a reduction in supply caused by the holidays.
The company also said the U.S. fillet market declined during the summer period in expected ways, with a low price of USD 5.50 (EUR 5.29) per pound in September.
“Since then, the market has gradually recovered due to reduced supply from Norway and increased demand towards the end of the year,” Mitsubishi said. “The price sharply climbed due to tentative low-supply in the year-end holidays.”
According to the financial results, Cermaq Norway produced 71,945 metric tons (MT) of salmon in the nine months ending 31 December 2024. Products from that market were shipped to Europe – Cermaq’s largest market – Japan, Asia, and North America...
