Norcod still not in profit despite increased revenues

Norcod is finding that profits remain elusive despite improving revenues, according to its second quarter results published this week.

Turnover for the Norwegian cod farmer emerged at NOK 28m, (£2.3m) up from NOK 2.4m (£200k) a year earlier.

However, the loss before tax ended at NOK 49m (£4.1m), compared to a pre-tax loss of NOK 27m (£2.25m) for the same period last year.

Norcod said productivity both at sea and on land has been high throughout the quarter with the company achieving a yield of approximately 90% of finished product, which was sold through the partner company and shareholder Sirena AS.

“Already in May we initiated stocking of Norcod’s third production cycle at sea. The largest grade of fry was ready to leave the growth facility and enter its fish farm at sea. This first group was sent to the location Forså, which Norcod is operating in co-operation with Kime Akva [another independent fish farm business].”

Norcod was granted permission to establish a new production location in Nesna municipality, with a total maximum allowed biomass (MAB) of 3,600 tonnes.

The company said the new site will be equipped with state-of-the-art aquaculture technology and is planned to go into production in the first half of 2023.

Norcod now has a total of five cod farming sites along the Norwegian coast encompassing 19 licenses with MAB of 13,920 tonnes in total giving a total production volume of over 20,000 tonnes.

Aquaculture industry expert Trine Danielsen and former Norwegian Seafood Council CEO Renate Larsen joined as new board members this quarter.