SSF marches on with £6m third quarter profit
The impressive turnaround for Scottish Sea Farms continued during the summer, recording a £6m-plus profit, compared to a large loss for the same period last year.
The business, which is jointly owned by Norway’s SalMar and Leroy Seafood, today reported third quarter revenues of NOK 1,176m (£84m), an increase of NOK 309m (£22m) on a year ago.
A Q3 operational EBIT or loss 12 months ago of NOK 121m (£8,6m) was turned into an operational EBIT of NOK 90m (£6.4m).
Scottish Sea Farms, which has been fighting various biological issues in recent years, increased its harvest by more than 3,000 tonnes to 11,900 tonnes with an expected total harvest this year of just over 31,000 tonnes.
The operational EBIT per kg gutted weight was NOK 7.6 in the period, an increase from an operational loss of NOK -13.7 per kg in the corresponding period last year.
The SalMar report said Scottish Sea Farms continued its positive trajectory seen over the last quarters, with increased harvest volumes, good harvest weights, and good biological conditions in seawater in all regions.
The company is also reporting a “good biological situation” with next generations of fish performing well in all regions.
Volume guidance for 2024 is increased with 3,000 tonnes to 40,000 tonnes due to strong performance in 2024.
The volume guidance for 2025 is estimated at 32,000 tonnes.
SalMar’s other oversea business, Icelandic Salmon, produced operating revenues of NOK 169m, (£12m) down from NOK 476m (£34m) in Q3 last year.
The harvest during the period was reduced to build biomass and optimise MAB (maximum allowed biomass) utilisation so the result is negatively affected by the low volume and high cost base of fish harvested.
