Atlantic Sapphire suffered a net loss of USD 51.5 million (EUR 43.81 million) in the first six months of 2021, according to its H1 financial report published 26 August on the Oslo Bors Stock Exchange.
The Sande, Denmark-based aquaculture company has experienced a series of setbacks this year.
In January, its U.S. facility experienced a breakdown in its internal chiller plant causing temporary temperature instability, ultimately costing the company USD 7.4 million (EUR 6.29 million) in short-term costs, including temporary rental chillers and generators. In March, three contracted workers at its Bluehouse facility were hospitalized after being overcome by fumes. And in July, it faced an estimated USD 3 million (EUR 2.5 million) loss after an accident occurred in one of its salt-water grow-out systems at its farm in Denmark.
In its latest report, Atlantic Sapphire said the ongoing COVID-19 crisis in the U.S. has inhibited the company’s ability to farm salmon. According to the company, deliveries of oxygen in Florida are in extremely high demand from health and public safety customers, limiting oxygen deliveries to its facilities.
However, after completing its first harvest at its Florida Bluehouse facility in September 2020, the company said it has increased its revenue and production volume this year compared to the same six-month period in 2020. Atlantic Sapphire notched USD 10.9 million (EUR 9.3 million) in sales between its U.S. and Danish operations.
Its U.S. operation upped sales from USD 172,000 (EUR 146,000) during the first six months of 2020 to USD 7.5 million (EUR 6.4 million) during the first six months of 2021. The company’s operations in Denmark saw a rise from USD 2.8 million (EUR 2.4 million) during the first six months of 2020 to USD 3.3. million (EUR 2.8 million) during the same period of 2021.
As of 30 June, 2021, Atlantic Sapphire's total volume of salmon produced in the first half of 2021 hit 4.5 million fish, accounting for 3,037 metric tons (MT) of live weight, up from 2,020 MT on the same date the year prior. Its total harvest hit 1,275 MT of head-on gutted salmon during the first six months of the year, up from 989 MT during the first six months of 2020.
In April 2021, Atlantic Sapphire reported a net loss of USD 55.2 million (EUR 44.4 million) in 2020.
Photo courtesy of Atlantic Sapphire
