Norcod revenues shoot up, but profits still some way off

Norcod, Norway’s largest cod farming company, produced a strong operational performance during the final quarter of 2023 with a 61% increase in revenues.

The results for the whole of last year were also impressive, with earnings up by 58% to NOK 269m (£20m).

The company earned NOK 83m (£6.2m) during the final quarter of 2023 against NOK 51m (£3.8m) 12 months earlier.

However, profits continue to remain elusive for this relatively young company, which is still investing heavily in the business.

Despite higher earnings Norcod recorded a Q4 operating loss of NOK 47m (£3.5m) during the period.

The operating loss for the full year was NOK 233m (£17.5m) against NOK 123m (£9.2m) in 2022.

The company harvest in 2023 increased by 60% to 6,155 tonnes with 90% increases to 1,611 tonnes during the final three months, reflecting the growing popularity of farmed cod in Europe and now Asia.

Norcod said its site at Jamnungen on the island of Frøya has been harvested on a weekly basis since end of the third quarter last year.

Moreover, the biological status for the harvested biomass proves biological advancements. Feed conversion ratio in the biomass that has been harvested during the quarter is 1.05, and 93% of the harvested volume holds superior quality.

At the end of 2023, Norcod’s biomass at sea totalled 7,817 tonnes. Based on official statistics, the company holds 52% of the total biomass volume of farmed cod in Norway, reaffirming Norcod’s position as the country’s leading cod farmer. It currently shares 71% of the farmed cod market by value.