Grieg Seafood (GSF) ended Q3 2024 with its Norwegian operations reporting a record-high standing biomass in the sea after all-time high seawater production over the three-month period.
However, while its underlying farming performance was good, the Bergen, Norway-headquartered salmon producer’s financial performance was impacted by seasonally lower spot prices and costs it carried over from historic incidents that pushed it into losses.
CEO Andreas Kvame said the quarter was a “mixed bag” for the group. Developments in the company’s operations in the Norwegian regions of Rogaland and Finnmark were “particularly good,” with Finnmark utilizing all of its maximum allowable biomass (MAB) capacity and rebuilding biomass after challenges with the Spiro parasite (Spironucleus salmonicida).
While the region is still facing biological challenges, including sea lice, Kvame said proactive investments in treatment capacity have brought positive results and are contributing to better biological control and fish welfare.
The company’s revenue increased from the NOK 1.16 billion (USD 104.2 million, EUR 99 million) it posted in Q3 2023 to NOK 1.46 billion (USD 131.2 million, EUR 124.6 million) in Q3 2024. Despite the higher revenue and better biology, GSF posted an EBIT loss of NOK 175 million (USD 15.7 million EUR 14.9 million) in Q3 2024, worsening from a loss of NOK 86 million (USD 7.7 million, EUR 7.3 million) in Q3 2023.
Its total harvest volume climbed ...
