High prices and a bumper harvest helped Frøya, Norway-headquartered salmon farmer Måsøval AS to achieve operating revenues of NOK 934 million (USD 95.1 million, EUR 95 million) in the second quarter of 2022, more than three times the figure it reported for the corresponding period of 2021.
The group’s Q2 2022 operational earnings before interest and taxes (EBIT) of NOK 501 million (USD 51 million, EUR 51 million), represented an improvement of NOK 436 million (USD 44.4 million, EUR 44.4 million) year-on-year.
According to Måsøval’s latest quarterly report, it harvested 8,702 metric tons (MT) of head-on gutted (HOG) weight fish in Q2, an increase of 192 percent. For the first half of 2022, the company harvested 11,986 MT HOG salmon, an increase of 149 percent over H1 2021. Its revenue for the six months exceeded NOK 1.2 billion (USD 122.2 million, EUR 122.1 million), up from NOK 339 million (USD 34.5 million, EUR 34.5 million), while its H1 2022 operational EBIT climbed NOK 505 million (USD 51.4 million, EUR 51.4 million) to NOK 588 million (USD 59.9 million, EUR 59.8 million).
Måsøval said it achieved an average salmon price in the first half of this year of NOK 90.80 (USD 9.25, EUR 9.24) per kilogram.
In Q2, its Farming Mid division achieved sales revenues of NOK 816 million (USD 83.1 million, EUR 83 million), of which NOK 788 million (USD 80.2 million, EUR 80.2 million) was derived from salmon sales. It harvested 7,803 MT in the period, compared with 2,985 MT in Q2 2021. Its Farming West division posted sales revenue of NOK 56 million (USD 5.7 million, EUR 5.7 million), with all but NOK 1 million (USD 101,798, EUR 101,744) coming from sales of salmon. The segment harvested 899 MT.
Its Sales and Processing segment achieved sales revenues of NOK 916 million (USD 93.2 million, EUR 93.2 million), versus NOK 35 million (USD 3.6 million, EUR 3.6 million) in Q2 2021. As of January this year, this segment includes all sales of salmon harvested by the group, including those from its harvesting and freezing facility in Vartdal.
Måsøval expects to harvest a total 22,400 MT in 2022, with Q3 and Q4 totals of 5,100 MT and 5,300 MT respectively. That estimate is down 13 percent or 3,300 MT from its previous guidance due to an earlier-than-expected harvest of fish from farms acquired via the firm’s purchase of Vartdal Gruppen in Q4 2021. The early harvest was due to winter ulcers and the presence of ISA disease in the Farming West segment, Måsøval said.
The presence of ISA was also confirmed at Måsøval’s Slettvika site in August 2022. The firm’s Q2 report states that there were 535,000 fish with an average weight of three kilograms at the location, and that these fish will be harvested as soon as possible.
Owned by brothers Lars and Anders Måsøval, the company started farming fish in 1972. The group is considering an uplisting to the main list on the Oslo Stock Exchange and could apply as soon as Q3 2022.
Photo courtesy of Måsøval
