Cod farmer sees revenues rocket up in Q2

Norcod has reported an impressive 121% increase in revenues during the second quarter this year and has reduced its operating losses by a third.

The news demonstrates the popularity and growing importance of fresh farmed cod in the aquaculture scene.

Norcod, which is continuing to invest heavily in its facilities, also managed to reduce its operating loss by 34% during the period.

The company’s Q2 receipts totalled NOK 82m (almost £6m) against NOK 39 million (£2.8m) in the same quarter last year.

The operating loss came out at NOK 47 million (£3.4m) against NOK 71 million (£5.2m) in 2023.

Norcod said that during the period it harvested 1,830 tonnes of which 175 tons came from its site on Frøya.

But the vast majority, 1,655 tons, was harvested at Forså (Ibestad) through a joint venture with Kime Aqua, who owns and operates the farming site. All biomass was processed at Norcod’s harvesting facility at Kråkøy Slakteri.

At the end of the quarter, Norcod’s biomass at sea totalled 7,080 tons with a net growth during the quarter of 481 tons.

According to officially reported statistics from the Norwegian Seafood Council, Norcod’s share of total export volume of harvested cod during the quarter was 44%. At the end of the quarter, Norcod holds 49% of the total biomass volume.

Norcod said it has initiated measures to focus resources in key areas, improve the company’s financial performance, streamline operations and develop a more efficient and commercially oriented business.

Balance sheet total assets ended at NOK 659 million (£48m) in Q2 this year, up from NOK 632 million (£46m) 12 months earlier.

The change from last year is mainly explained by an increase in biological assets and property, plant, and equipment, and a decrease in short-term receivables and cash and cash equivalents.