Stolt Sea Farm reports jump in revenue on turbot, sole price recovery
Santiago de Compostela, Spain-based Stolt Sea Farm has announced a significant recovery in revenue in the second quarter of 2021 thanks to the recovery of turbot and sole prices.
In 2020, the company said, demand for its products was interrupted by the COVID-19 pandemic, resulting in Q2 2020 revenue of USD 13.6 million (EUR 11.4 million). Prices and demand have since recovered, and the company reported Q2 revenue of USD 21.4 million (EUR 18 million), a 57 percent increase from Q2 2020.
The company said turbot sales have improved by 17 percent over last year, while sales volumes of sole have jumped by over 100 percent, “much due to the strong production of sole at the new farm at Cervo, Spain,” the company said.
According to Stolt Sea Farm, the prices of turbot and sole were initially stable for most of the quarter, but increased at the end of May “following an increase in demand.” Prices for both species are now near what they were before the COVID-19 pandemic, the company said.
In addition two new farms – the aforementioned farm in Cervo and another new farm in Tocha, Portugal – are “exceeding expectations,” with lower average cost of production and higher output levels, according to the company.
“I am very pleased to see that our new farms at Cervo and Tocha are both performing beyond our expectations,” Stolt Sea Farm President Jordi Trias said. “Our focus and investment in our recirculating aquaculture systems (RAS) is delivering great results. Biomass growth at both farms is better than our initial forecasts, and we expect to harvest our first sole at Tocha next month, four months ahead of schedule. This additional volume will be a welcome boost as we have seen a rapid rise in prices during the past month, which we expect to continue throughout the peak summer season.”
Photo courtesy of Stolt Sea Farm