New Zealand King Salmon reported steady but mixed performance in the half-year period ending July 2024, posting lower profit but higher earnings, sales volumes, and revenue.
New Zealand King Salmon – which farms premium king salmon under the brands Ōra King, Regal, Southern Ocean, and Omega Plus – reported revenues of NZD 101.7 million (USD 64.2 million, EUR 57.4 million) in the first half of fiscal year 2025, up 11 percent from the NZD 91.6 million (USD 61.6 million, EUR 55.1 million) posted in H1 2024. That increased revenue came alongside increased sales volumes of 3,178 metric tons (MT), up from 3,023 MT.
Net profit for H1 2025 decreased year over year, dropping to NZD 6 million (USD 3.9 million, EUR 3.4 million) from NZD 10.6 million (USD 6.7 million, EUR 5.9 million) in H1 2024. The company attributed the drop to non-cash adjustments related to biological assets and inventory, as well as a smaller contribution from the unwinding of closing out foreign currency exchange contracts early in FY 2022.
Its pro-forma EBITDA – the method which New Zealand King Salmon has used to measure its earnings – increased slightly from NZD 10.7 million (USD 6.8 million, EUR 6 million) in H1 2024 to NZD 13.5 million (USD 8.5 million, EUR 7.6 million) in H1 2025.
“The half-year result for the period ended July 2024 is underpinned by the continued steady performance of our new fish-farming approach,” New Zealand King Salmon Chair Mark Dewdney said in a release. “This gives us further confidence that we will be able to deliver strong aquaculture outcomes again this summer.”
The results, while relatively flat, are a large improvement from the losses the company posted in H1 2022 and H1 2023. During a challenging 2022, the company’s former CEO, Grant Rosewarne, abruptly resigned and the company had been forced to sell off stock in an effort to pay off some of its debts, which were worsened by a challenging business climate during the Covid-19 pandemic.
Dewdney said that the positive results and increased sales came amid a challenging commercial environment, which included global cost-of-living pressures.
New Zealand King Salmon CEO Carl Carrington said that the company has had success in developing its presence in the Chinese market.
“We are focused on establishing a premium position for our Regal brand in this market through partnering with premium customers across multi-channels,” Carrington said. “Market support is positive, and king salmon is recognized by customers for its premium taste, texture, and presentation. Quality distribution is growing on a trajectory consistent with building the value proposition ahead of volume. Patience and consistency are required to lay the right foundations for the longer term.”
Despite its relatively close proximity to New Zealand, the Chinese market represented only 2 percent of New Zealand King Salmon’s sales in H1 2025 – but that also means it’s a growth opportunity, the company said.
“We continue to work together with our importer partners to build our brand and in-market relationships,” New Zealand King Salmon said in its results presentation.
As it seeks out new markets for its king salmon, the company said its recently adapted ...
