SalMar has ended 2022 with solid operational performance and record levels of activity at its harvesting and processing plants.
Earnings before tax (EBIT) during Q4 2022 were NOK1,006 million (€91.99 million), partly owing to the acquisition of NTS, NRS and SalmoNor and the strong demand for salmon. Total harvest was 62,700 tonnes (NOK16.05 (€1.46) per kg).
“We have never delivered as much salmon to customers all over the world as we have done in 2022,” said SalMar’s chief executive, Frode Arntsen.
“This has resulted in a good financial result for the full year which is driven by strong operational performance and strong demand of salmon with consequently increased salmon prices.”
For 2022 total harvest volume for the group was 193,700 tonnes with an operational EBIT of NOK4,465 million (€407.07 million) and operational EBIT per kg of NOK23.05 (€2.10).
However, volumes across central Norway and at Scottish Sea Farms were down because of biological challenges.
“Our committed and highly skilled employees have continued to deliver solid operational performance, but due to biological challenges it has been a quarter with mixed results for the group,” continued Frode Arntsen.
Outlook
The company expects to invest NOK2.1 trillion ((€191 billion) in already approved projects but says that new investments are on hold because of uncertainty around Norway’s ‘salmon tax’ proposal.
SalMar, and others, have made their opposition to the tax known. “No other country has introduced a tax of this kind and at this level on its food production,” said Mr Arntsen. “The tax proposal is based on incorrect assumptions and should be permanently set aside.”
