Norwegian cod-farming company Norcod reported an increase in revenue in Q4 2024 and a drop in its operating losses while adding that it is now planning a NOK 300 million (USD 26.9 million, EUR 25.7 million) fundraising round to help increase its production.
In its Q4 2024 results, the company said it achieved NOK 124 million (USD 11 million, EUR 10 million) in revenue during the quarter, an increase of 47 percent over the NOK 83 million (USD 7.4 million, EUR 7.1 million) it posted in the same period of 2023. Alongside the increased revenue was an improved EBIT of a NOK 33 million loss (USD 2.9 million, EUR 2.8 million), down from a loss of NOK 104 million (USD 9.3 million EUR 8.9 million) in Q4 2023.
“The increase is mainly explained by significantly higher harvest volume compared to the corresponding quarter last year,” Norcod said.
According to the company’s results, harvests jumped to 2,390 metric tons (MT) whole fish equivalent (WFE) in Q4 2024, up from 1,611 WFE in Q4 2023. Alongside the higher harvest came lower production costs per kilogram, dropping from NOK 48.30 (USD 4.33, EUR 4.13) per kilogram WFE to NOK 46 (USD 4.12, EUR 3.94) per kilogram WFE.
The company said its Q4 2024 results also benefitted from strong pricing, with a 29 percent increase in sales prices from Q1 2024 to Q4 2024.
“We are witnessing growing awareness and recognition of the advantages of farmed cod, offering a reliable year-round supply of fresh, high-quality cod with similar versatility to salmon,” Norcod said.
The company said substantial ...
