Nordlaks reports revenue up NOK 1bn

Norwegian salmon farmer Nordlaks­, owner of the giant offshore platform Jostein Albert, has reported a near one billion krone increase in revenues for last year.

The company, which has recently invested heavily in land-based fish farmer Atlantic Sapphire, said higher salmon prices had helped but increased production was also behind the increase.

Nordlaks achieved revenues of NOK 3.6bn (£295m) against NOK 2.7bn (£221m) in 2020. The operating profit or EBIT for 2021 emerged at NOK 614m (£50.4m) – NOK 190m (£15.6m) less than in 2019, but up on the 2020 (main pandemic year) figure of NOK 560m (£46m).

CEO Eirik Welde said: “Nordlaks has grown steadily since its establishment in 1989, but the last few years have been special.

“In 2021, we had 700 employees who produced almost 3,000 tonnes of juvenile fish on land plus 48,000 tonnes of salmon in the fish farming business while there were almost 85,000 tonnes of raw material at the factory on Børøya.”

He added: “We are now beginning to see the results of a huge effort from our employees over time, which translates investments in new technology into larger and improved production.”

Nordlaks’ offshore project Jostein Albert, also known as Havfarm 1, arrived from China two years ago. Its application for production permits last year was initially turned down, but in March this year that decision was reversed and the farm has been cleared for commercial production.

The company is now investing further in a semi-closed project known as Hydra, which it believes has great promise.

Welde said: “We see investment opportunities totalling up to NOK 7bn (£550m) by 2028. I think everyone in Nordlaks thinks it is extremely rewarding and fun if we manage – and are allowed – to continue this development.”

Eirik Welde, CEO Nordlaks