Faroese salmon producer, Bakkafrost, has made earnings before tax and interest of DKK376 million (€50.5 million) in the last quarter of 2022 with a net loss of DKK154 million (€20.69 million).
This compares with figures from the same period in 2021 of DKK120 million (€16.12 million) and DKK-3 million (€-0.4 million).
Total harvested volumes for Q4 2022 were 24,500 tonnes gutted weight compared with 25,800 for the same period last year. Total harvested volumes in 2022 were 90,600 tonnes gutted weight compared with 96,900 tonnes in 2021.
During Q4, 8.5 million smolts were transferred compared with 9.2 million in the same period last year. In 2022 25.4 million smolts were transferred compared with 25.5 million in 2021.
Chief executive Regin Jacobsen said the company was overall satisfied with the Q4 results. “The salmon market has been strong due to low global supply and the biological performance in the Faroe Islands has been strong with all-time low sea lice levels and historically low mortality,” he said.
The company has increased its smolt production capacity with expansions at Norðtoftir and Glyvradal hatcheries as well as adding two new wellboats of 10,000 and 4,000 cubic metre capacity to its fleet.
Bakkafrost has also made progress on its ”One Company” strategy to merge its Faroese and Scottish businesses.
Outlook
Although salmon prices remain high, low growth of around 2% is expected in 2023 and Bakkafrost will focus on ensuring a well-balanced supply across its global markets.
