Bumper Q4 revenues and profits for Scottish Sea Farms

The company, which is jointly owned by SalMar and Leroy Seafood, is the latest Scottish salmon farmer to shake off its biological and other production problems, following the success of the Scottish arms of Mowi and Bakkafrost.

SSF, also known as Norskott Havbruk, produced revenues of NOK 965m (£68m) between October and December last year against NOK 497m (£35m) a year earlier.

Full year revenues were NOK 4,403m (£314m) against NOK 2,561m (£182m) in 2023. The Q4 operational Ebit or profit was NOK 93m (£6.6m against a loss of NOK 47m ( minus £3.3m) in Q4 2023. 

The 2024 whole year profit was NOK 555m (£39m) against a loss of minus NOK 304m (-£21m) in 2023.

Scottish Sea Farms harvested 9,000 tonnes in the fourth quarter compared with 4,600 tonnes in the same period last year.

The company said that 32% of the volume sold was on contract with positive contribution.

The EBIT per kg gutted weight was NOK 10.3 in the period, an increase from a loss of NOK 10.3 per kg in the corresponding period last year.

SalMar’s share of Norskott Havbruk’s net profit was NOK 12m in the fourth quarter 2024.

SalMar said  that Scottish Sea Farms continued its positive trajectory seen in recent quarters with increased harvest volumes, good harvest weights, and good biological conditions in seawater in all regions.

The company reports a good biological situation with next generations of fish performing well in all regions. Volume guidance for 2025 is kept unchanged at 32,000 tonnes.