Bakkafrost Group has reported a total operational EBIT of DKK 280 million (€37.53 million) for Q4 2024, a decrease from DKK 356 million (€47.72 million) during the same period in 2023.
In the Faroe Islands, revenues reached DKK 1,184 million (€158.72 million), down from DKK 1,478 million (€198.13 million), while operational EBIT fell to DKK 310 million (€41.56 million) from DKK 461 million (€61.8 million).
In contrast, Scotland saw a substantial revenue increase to DKK 286 million (€38.34 million) from DKK 84 million (€11.26 million), but operational EBIT remained negative at DKK -31 million (€-4.16 million), though an improvement from the previous -DKK 104 million (€-13.94 million).
“The Freshwater and Farming operations in Faroe Islands had a strong development in this quarter,” said chief executive, Regin Jacobsen.
“Biological performance remains robust, with solid growth, effective sea lice management and harvesting of large fish.
“We are also pleased with the continued progress in our freshwater segment, which has set new production records for the second consecutive quarter of producing large, high-quality smolt.
“The FOF segment achieved record-high feed sales in 2024, marking the second-best year after 2023.
“Stronger supply growth contributes to downward price pressure. The market price for salmon was weaker than expected this quarter, negatively impacting the margin.
“Three major projects are progressing well – the Applecross and Skálavík hatcheries and the expansion of Havsbrún feed factory. These projects are crucial to achieving our goals for 2028 and beyond with robust large smolt, best feed and good fish welfare.”
The outlook for 2025 includes a projected global supply increase of 5%, with Bakkafrost’s operations transitioning towards higher-quality smolt production in both the Faroe Islands and Scotland.
Despite challenges, Bakkafrost remains optimistic about its long-term growth, supported by significant ongoing investments aimed at expanding production capacity and improving operational efficiency across its sites.
The board of directors has proposed a dividend of DKK 8.44 (€1.13) per share, to be confirmed at the AGM in April.
