Nordic Halibut ‘achieving record prices’

Nordic Halibut AS said today it has achieved a record high average sales price of NOK 169 per kilo (£12.91) during the first quarter of this year.

This represents a year on year increase of 26% for the prime white fish, which is particularly popular in high-end restaurants.

The company told investors it is experiencing “…a growing willingness-to-pay and acceptance for farmed halibut in key markets, as awareness of the product’s outstanding qualities and attributes continues to rise”.

The announcement said: “Exports of farmed halibut from Norway in Q1 2023 achieved approximately 50% higher prices compared to wild catches.”

“During the period Nordic Halibut harvested 224 tonnes of HOG (heads on gutted) halibut, with an average harvest weight of 5.9 kg. Some 75% of the volume harvested was above 50 kg [per fish].

“The company capitalised on favourable market conditions and utilised biomass at harvestable size to optimize revenue.”

Total revenues ended at NOK 38m (around £3m) during the quarter. Nordic Halibut said it is continuously seeking to maximise the use of its harvestable biomass in order to create a strong market presence and achieve optimized prices.

The statement went on: “The sales prices for larger-sized halibut, specifically those sold at 7-9 kg and 9 kg-plus, are notably higher, ending at NOK 188 per kg and NOK 203 per kg, respectively in Q1 2023.

“According to the strategic harvest plan for 2023, harvest volumes will decrease in Q2 to ensure optimal biomass utilisation towards the second half of 2023.”

In 2023, Nordic Halibut (NOHAL) will release one million fish to sea – equivalent to the growth phase 1 production target of 5 000 tonnes (4 500 tonnes HOG) harvest in 2026.

“The company reiterates the harvest volume guiding for 2023 at 1,200 tonnes (1,080 tonnes HOG).”