Coast Seafood profits up almost 20 per cent

THE Coast Seafood group, one of the world’s largest independent salmon and trout sales companies, has announced a major increase in operating profits for 2017.
The Norwegian based company, which boasts that it exports seafood to the world, reported sales of 4.3 billion kroners, the same total as the previous year. But operating profits jumped by 19 per cent to NOK 98.2 million.
Coast Seafood was established in 1994 and has its headquarters in Måløy, which is one of Norway’s largest fishing ports.
It is the largest independent trading company for farmed Atlantic salmon and fjord trout worldwide. The company is active in more than 40 markets located mainly in Europe, North America and the Far East.
In 2013, Coast Seafood revenues totalled NOK 3.0 billion, which made up eight per cent of all Norwegian farmed fish.
It operates and owns two state-of-the-art processing facilities – one for processing and smoking salmon and trout, and the other for pelagic fish.
Coast said in a press release: ‘Historically speaking, 2017 has been characterised by a high level of activity in the markets due to the demanding situation experienced by our customers.
‘The industry has achieved the highest market prices of all time, and the various segments will need time to be able to absorb it all.’
Coast says its focus is to drive value creation and innovative marketing for the smaller players in the business.