Averøy, Nordmøre, Norway-based Nordic Halibut AS achieved a significant increase in harvests and revenue in Q4 2021, buoyed by strong prices.
Nordic Halibut AS harvested 220.4 metric tons (MT) of its head on gutted (HOG) farmed-raised Atlantic halibut in the final quarter of 2021. It also achieved sales of more than NOK 31 million (USD 3.5 million, EUR 3.1 million), 157 percent more than in the corresponding period of 2020.
According to the company’s Q4 2021 report, strong demand and high prices contributed to a “historical quarter” for its revenue, while the sales price for the period ended at a record NOK 138 (USD 15.52, EUR 13.66) per kilogram, up 27 percent quarter-on-quarter. Its harvested fish averaged 6.36 kilograms in weight.
The company posted losses of NOK 9.4 million (USD 1.1 million, EUR 930,205), which it said was “according to company expectations for the period and in sync with the company’s business plan progression.”
It also advised that the biological performance during the quarter continued to show “promising signs of improvement,” while the grow-out phase gave harvest weights above previous estimates for the period.
“Juvenile and on-growing production are also continuing to improve according to our investment plan initiated in these phases. Early-phase production did during the period produce required numbers of juveniles to enable growth phase-one production targets of 4,500 MT – the results in these production phases during Q4 builds comfort for coming periods,” it said.
For the full-year 2021, Nordic Halibut harvested 573 MT of fish.
Its harvest volume guidance for 2022 is 600 MT HOG.
Also in Q4 2021, Nordic Halibut raised NOK 170 million (USD 19.1 million, EUR 16.8 million) through a private placement. This, the company said, makes it fully financed in terms of equity to reach the business plan to produce 9,000 MT by 2030.
Additionally, a NOK 100 million (USD 11.2 million, EUR 9.9 million) dynamic overdraft facility was secured, with the facility including uncommitted options that will be released in tranches aligned with biomass growth.
Photo courtesy of Nordic Halibut
