Lice issues hit Måsøval profits in the final quarter of 2024
Norwegian fish farmer Måsøval has reported 2024 fourth quarter revenues of NOK 572 million (£40m) down from NOK 688 million (£49m) 12 months earlier.
The group also had a much lower operational EBIT of minus NOK 3 million (£214,000) against NOK 112 million (£8m) in Q4 2023.
The group reported a Q4 harvest volume of 5,802 tonnes, including 1,076 tonnes harvested on commercial co-location agreements.
This gives a full-year harvest volume in 2024 of 25,058 tonnes for the group including harvest on commercial co-location - slightly higher than a year ago.
Farming in the mid Norway area was the hardest hit largely due to high lice pressure which resulted in higher costs. Harvest volumes in this area dropped from 6,784 tonnes to 1,976 tonnes.
The overall loss before tax was NOK minus 11.7 million ( a loss of around £800,000).
The Farming West region fared better, with the harvest volume more than doubling to 2,749 tonnes.
Looking ahead, Måsøval said the full year harvest guidance should be between 29,000 and 31,000 tonnes with around two thirds of that figure coming from the Norway mid region.
The company said it had completed a successful group reorganisation during the period. The capital expenditure guidance this year is expected to be around NOK 230 million (£16m).
Sales and processing reported a negative result of MNOK 13.7 (around £975,000). Helge Kvalvik, Group CEO, commented: “The negative result reflects integration cost of establishing a fully owned and controlled sales department and ramp up cost at our new harvesting plant TL52”.
Q4 concludes the year 2024 with an operational EBIT per kilo through the value chain of NOK 16.3 compared to NOK 19.2 in 2023.
Kvalvik said: “2024 was another important year in our growth as a company. Since 2017 we have managed to increase harvesting volume every single year.
“Moreover, 2024 was important in order to optimise our value chain and to add harvesting capacity and fully owned sales department. Looking into 2025 the Group expect to increase volumes further by maintaining its full year guidance of 29,000-31,000 GWT [gutted weight tonnes].”
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