Icelandic Salmon sees big jump in profit and revenue

Icelandic Salmon, the parent company of Arnarlax, has announced a big increase in its 2022 final quarter operating income, which was up by almost €16m year on year, to €51.7m (£46m).

For 2022 as a whole income rose to €157.6m (£140.4m) against €90.8m (£80.9m) in 2021, an increase of 74%.

The Norwegian group SalMar owns both Icelandic Salmon and Arnarlax.

Björn Hembre, CEO of Icelandic Salmon and Arnarlax said: “The second half of 2022 has followed the strong results we achieved in the first half of the year.

“We are starting to reap the benefits of our expanded operations and achieved significant growth in the final quarter and last year.”

He added: “We are entering 2023 with a strong financial position and as a proud contributor to the Icelandic economy and society.”

The fourth quarter operational EBIT or profit was €9.3m (£8.3m) against €3.65m (£3.3m) in the same period in 2021.

The group’s operational EBIT or profit for 2022 amounted to €6.15m (£5.5m) compared with €7.3m (£6.5m) in 2021. In per kilo terms it more than trebled from €0.65 to €2.24 (£2) for the year.

The group’s harvest last year increased by 40% to 16,138 tonnes and from 4,272 tonnes to 6,008 tonnes during the final quarter.

The report said the group has maintained cost control with regard to harvesting and reduced costs between the third and fourth quarters of 2022.

But costs were expected to increase in this year, the company said, as a result of increased prices for raw materials.

Icelandic Salmon also said it is now sending its salmon to the United States by sea, leading to a much reduced carbon footprint.

The group is continuing to expand its geographical reach across Europe, North America and Asia.