Samherji has reported an operating profit of €42.4 million for 2024, marking a year-on-year decrease of €12 million.
Net profit, including associated company shares and financial items, totalled €45.6 million after taxes, down from €58.7 million in 2023.
Despite the profit decline, revenue rose by nearly 6% to €443 million. EBITDA reached €61.4 million, a drop of just over 17% compared to the previous year. A key factor was reduced profits from Síldarvinnslan resulting from the absence of a capelin season in 2024.
Chief executive Baldvin Thorsteinsson acknowledged challenges in pelagic operations but praised the performance of the demersal sector. “Our fleet is well equipped and staffed with skilled professionals in every position,” he said.
“The same high standards apply to our land-based processing plants, which have gained international recognition.”
Samherji’s equity ratio remained strong at 72%, and its workforce grew to 789 full-time staff members, following the consolidation of foreign sales companies and expansion in aquaculture.
The group continues to invest heavily, allocating 88% of profits since 2019 toward new vessels, processing technology, and land-based aquaculture. Its flagship project, the Salmon Garden in Reykjanes, has already secured €210 million in equity, with Samherji contributing nearly half. The first phase is expected to be completed in 2027.
To strengthen its domestic presence, Samherji will launch cod products under its own brand in Icelandic supermarkets this autumn. “We look forward to bringing customers the best from our land-based processing facilities in the Eyjafjördur region,” said Thorsteinsson.
