Stolt Sea Farm parent company Stolt-Nielsen Limited reported the land-based turbot and sole farming company enjoyed an increase in revenue and profit in Q3 2024.
Stolt Sea Farm reported revenue of USD 33.6 million (EUR 30.4 million) in Q3 2024, up from USD 31 million (EUR 28.1 million) in Q3 2023. The company’s Q3 operating profit also increased to USD 8.7 million (EUR 7.8 million) before fair-value adjustment of biomass, up 43 percent from USD 6.1 million (EUR 5.5 million) in 2023.
“Stolt Sea Farm had a record quarterly performance on both operating profit and EBITDA excluding the fair -alue adjustment due to higher prices and good volumes,” Stolt-Nielsen CEO Udo Lange said. “[We] have delivered record results.”
The company’s EBITDA excluding fair-value adjustment in Q3 2024 reached USD 10.7 million (EUR 9.7 million), up 17.6 percent from the USD 9.1 million (EUR 8.2 million) it posted in 2023.
Stolt-Nielsen CFO Jens Gruner-Hegge said the company reports its results excluding fair-value adjustments to remove that figure's volatility from its results.
“We think it’s more interesting for the markets and for investors to really see the underlying performance development of the group and of Stolt Sea Farm, versus this more periodic noise,” he said.
The first nine months of the year have been positive for Stolt Sea Farm, with the company posting an operating profit of ...
