Bergen, Norway-headquartered Lerøy Seafood Group (LSG) reported increased revenue and operational EBIT, as well as a larger harvest year over year, in the last quarter of 2024.
According to the group’s Q4 2024 report, LSG reported a consolidated operational EBIT of NOK 799 million (USD 70.9 million, EUR 68.2 million) in the period, representing an increase of NOK 35 million (USD 3.1 million, EUR 3 million) on the corresponding period of the previous year.
Its revenues for the three-month period totaled NOK 8.48 billion (USD 752.7 million, EUR 723.6 million) – up 3 percent year over year – while its salmon and trout harvest was 20 percent higher at a record 56,776 gutted weight tons (GWT).
“We also see a positive biological development coming into the first quarter of 2025, which is encouraging for cost and volume development,” Lerøy CEO Henning Beltestad said.
By division, LSG’s Farming segment, comprising the three Norwegian farming regions of Lerøy Aurora – located in Troms and Finnmark – Lerøy Midt – located in Nordmøre and Trøndelag – and Lerøy Sjøtroll – located in Vestland – achieved a Q4 2024 operational EBIT of NOK 594 million (USD 52.7 million, EUR 50.7 million), marking a NOK 62 million (USD 5.5 million, EUR 5.3 million) improvement.
The company noted this was achieved despite lower salmon spot prices in the period.
After a challenging 2023, Scottish Sea Farms, which is co-owned by Lerøy and fellow salmon-farming firm SalMar, achieved a record harvest volume of 9,026 GWT and an operational EBIT of NOK 93 million (USD 8.3 million, EUR 7.9 million) in Q4 2024. These totals contributed to a record full-year 2024 harvest of 40,000 GWT and operational EBIT of NOK 555 million (USD 49.2 million, EUR 47.3 million), versus 24,884 GWT and an EBIT loss of NOK 304 million (USD 27 million, EUR 25.9 million) in 2023, respectively ...
