Scottish Sea Farms bounces back into profit and almost doubles harvest

Scottish Sea Farms has more than doubled its revenue and turned loss into profit during the second quarter of this year.

The jointly owned company produced an operational EBIT or operational profit of NOK 234 million (£17m) against a loss of NOK 144 million (£10m) during the April to June period last year.

The figures were published today by the Norwegian giant SalMar which owns a half share in the business with the Lerøy Seafood Company.

Scottish Sea Farms (also known as Norskott Havbruk) harvested 12,200 tonnes in the second quarter 2024, compared with 6,300 tonnes harvested in the second quarter of 2023.

The company had battled against biological and other issues in recent years which affected performance so today’s figures signal a dramatic and  impressive turnaround in performance.

It had operating revenue of NOK 1,414 million (£103 million) against NOK 692 million (£50m) in Q2 last year.

SalMar’s share of Scottish Sea Farms net profit was NOK 61 million (£4.45 million) in the second quarter against a loss of NOK 78 million (£5.6m) a year ago.

The EBIT per kg gutted weight was NOK 19.1 in the period, an increase from a loss of NOK 22.8 per kg in the corresponding period last year.

SalMar said that Scottish Sea Farms continued its positive trajectory seen last quarter with increased harvest volumes, good harvest weights, and improved biological conditions in all regions.

It added: “The company expects reports of good biological situation in all regions. The volume guidance for 2024 is kept unchanged at 37,000 tonnes.”