The profitability of Iceland’s fishing and fish processing sectors declined in 2023, according to new analysis compiled by Statistics Iceland.
Statistics Iceland compiled and analysed the operating accounts of fishing and fish processing companies for 2023 as well as their balance sheets. It used information from these statements along with data on exports and catches to measure the overall profitability in the subsectors of these branches of the industry.
Results show the profits of the main sub‐sectors of these activities such as boats in several size categories, pelagic vessels, wet fish trawlers, freezing trawlers, processing of demersal species like freezing and salting, processing of pelagic and fresh fish processing.
The net profit of fishing and fish processing total decreased between 2022 and 2023 or from 26.3% to 24% (corrected for the effect of changes in the exchange rate according to the annuity approach and 6% rate of return).
Net profit of fishing and fish processing of demersal species decreased from the year before, or from 23.1% of revenue to 19.2%. Specifically, the net profit of fishing of demersal species decreased from 15.7% to 11.5%, and the net profit of processing of demersal species decreased from 15% to 13.9%.
There was also a decrease in net profit in fishing and processing of fishmeal and fish oil from 42.5% to 41.8%.
The aggregated balance sheet of fishing and fish processing found that the total worth of assets of the fisheries was ISK 1.059 billion, liabilities were worth ISK 554 billion, and equity ISK 505 billion.
