Faroe Islands-headquartered salmon-farming firm Bakkafrost reported a dip in revenues but an increase in profits during the fourth quarter of 2024, particularly pointing toward the performance of its Farming Scotland (SCT) segment as a driver of growth.
The group achieved Q4 2024 revenues of DKK 1.47 billion (USD 206.4 million, EUR 197 million), down from DKK 1.56 billion (USD 219 million, EUR 209.1 million) in Q4 2023. Its EBIT of DKK 280 million (USD 39.3 million, EUR 37.5 million) was also down from DKK 356 million (USD 50 million, EUR 47.7 million) in the same period a year prior, but its profit increased by DKK 85 million (USD 11.9 million, EUR 11.4 million) to DKK 477 million (USD 67 million, EUR 63.9 million) in the three-month span.
SCT’s Q4 2024 harvest of 3,840 metric tons (MT) gutted weight more than tripled the corresponding period of the previous year. This contributed to a full-year harvest of 27,880 MT – up from 20,598 MT in 2023. The average weight of salmon harvested by SCT in Q4 also increased significantly – by 2 kilograms to 4.8 kilograms.
This led to the segment’s Q4 2024 revenues increasing from DKK 84 million (USD 11.8 million, EUR 11.3 million) to DKK 286 million (USD 40.2 million, EUR 38.3 million) and its operational EBIT improving from DKK -104 million (USD -14.6 million, EUR -13.9 million) to DKK -31 million (USD -4.4 million, EUR -4.2 million).
Delivering Bakkafrost’s results for the closing period of 2024, CEO Regin Jacobsen confirmed that SCT is set for further growth in 2025, as the shift to produce large smolt of around 200 grams from its expanded Applecross hatchery facility has begun.
This strategy, according to Jacobsen, is expected to enhance overall fish health and growth rates.
“As we scale up the production this year and gradually replace legacy fish at our marine farms with our high-quality fish, we expect there will be a fundamental transformation of our farming operations from next year onward,” he said.
Production capacity at the expanded Applecross facility has increased around 50 percent, enabling the hatchery to produce around 3,500 MT of smolts annually. This will make Bakkafrost self-sufficient with around 14 million smolts of 250 grams, according to Jacobsen...
