The Nordlaks Group achieved sales revenues of almost NOK 2.8 billion (USD 327.8 million, EUR 290.5 million) last year, representing a decrease of NOK 123 million (USD 14.4 million, EUR 12.8 million) compared to the previous year. At the same time, the Norwegian aquaculture company’s operating expenses increased by NOK 112 million (USD 13.1 million, EUR 11.6 million) to nearly NOK 1.8 billion (USD 210.7 million, EUR 186.8 million).
However, positive currency effects and the sale of its wellboat “Bjørg Pauline" lifted its annual profit by NOK 99 million (USD 11.6 million, EUR 10.3 million) to NOK 931 (USD 109 million, EUR 96.6 million). Nordlak’s 2018 operating revenues were just shy of NOK 3 billion (USD 351.2 million, EUR 311.2 million), while its pre-tax profit reached almost NOK 1.2 billion (USD 140.5 million, EUR 124.5 million). It had a tax charge of NOK 220 million (USD 25.8 million, EUR 22.8 million).
CEO Eirik Welde said that he was pleased with the “very good financial result,” which was higher than in 2017.
“We see that both Nordlaks and the rest of the aquaculture industry year by year had reduced productivity and increased costs, but due to the constantly high demand for our products, we still managed to create a good result,” he said.
Nordlaks Oppdrett AS achieved a turnover of NOK 2.6 billion (USD 304.4 million, EUR 269.7 million) and an annual profit of NOK 837 million (USD 98 million, EUR 86.8 million).
“Due to the algae bloom this spring, Nordlaks has lost much of the fish that was to be slaughtered from November in 2019, so there will hardly be an increase in the amount of slaughtered fish this year,” said Welde.
Nordlaks has a major investment program in place that includes the ongoing construction of its first offshore Havfarm concept and a new smolt plant at the Innhavet in Hamarøy. It also has two new wellboats and two fish farming and service boats on order.
“In total, Nordlaks will invest between NOK 4 and 5 billion in the development of new technology and new production methods,” Welde said. “This year, we will make a decision on the expansion of the factory on Børøya, the smolt plant at the Innhavet will be completed, and by 2020 the first of two Havfarms and the first of two well boats will be delivered to us. The results from 2018 strengthen the equity in the companies where these investments are made. The good years we have left behind us are absolutely crucial for us to be able to take new steps in the sustainable development of the aquaculture industry and by our company.”
