Iceland\’s largest salmon farmer posts €16m loss

ICELAND’S largest salmon farming company, Arnarlax, in which Norway’s SalMar has a majority stake, posted a loss of 16 million euros for last year, several times the figure for 2017.

Arnarlax is currently investing heavily in developing new fish farms but saw its plans disrupted a year ago after objections from environmental groups.

However, it has since been given a clean bill of health and its operating licences were restored last month.

The company is now pressing ahead with its expansion plans. The €16 million loss compares with a deficit of just €587,000 in 2017.

According to the news website Vidskiptabladid, Arnarlax saw its operating income fall from €67 million in 2017 to €42 million last year. But liabilities fell by €9.5 million from the previous year.

Eight months ago, fish farming giant SalMar took control of Arnarlax by increasing its holding from 42 per cent to 54.23 per cent. The company immediately announced it would fund expansion.

Arnarlax has grown into one of Iceland’s most valuable salmon farming firms, worth an estimated 21 billion Icelandic kroner, almost as much as the national airline.

Launched in 2009, it is now a fully integrated producer with its own smolt plants, sea locations, wellboat, slaughter plant and sales unit.
The company has a wage bill of more than eight million euros and is providing dozens of new jobs in the Westfjord region of the country.