Frøya, Norway-headquartered Måsøval AS has confirmed that it achieved a record revenue of NOK 928.1 million (USD 111.1 million, EUR 91.7 million) and an all-time high pre-tax profits of NOK 242 million (USD 29 million, EUR 23.9 million) in 2020.
Owned by brothers Lars and Anders Måsøval, the company, which started farming fish in 1972, has 120 employees at its facilities in Frøya, Kristiansund, Aukra, and Hustadvika.
"One of the things we are most proud of in Måsøval is our high salmon survival rate. As much as 93 percent of our salmon ends up as food of the highest quality. For us, good fish health goes hand in hand with good financial results,” Måsøval CEO Asle Rønning said.
The company produced 16,253 metric tons (MT) of head on gutted (HOG) salmon last year, up from 15,435 MT in 2019 and more than doubling its volume in 2017, making it one of the country’s fastest growing aquaculture companies.
"Operationally, 2020 was a very good year for Måsøval AS. We achieved all of the key goals set by the board in our action plan,” Rønning said. "We have carried on the positive trends of recent years in 2020, and are maintaining good biological control."
On 10 June, Måsøval announced that it would be seeking a listing on Euronext Growth on the Oslo Børs stock exchange, saying that the company has ambitions of further growth and aims to achieve a production volume of 28,500 MT of HOG salmon in 2027.
"Måsøval's ambition is to be one of the world's leading aquaculture companies. We have experienced strong growth in recent years thanks to our talented colleagues who have great expertise and who love the profession and the salmon. We are now looking forward to a new chapter in the company's history, as a listed company," Måsøval Board Chair Lars Måsøval said.
In 2019, the company was awarded four development licenses for its Aqua Semi – a semi-submersible, semi-closed production unit for salmon – representing a potential production volume of 6,000 MT of HOG in total.
Måsøval intends to start the construction on Aqua Semi in 2021.
Photo courtesy of Måsøval AS
