Oslo, Norway-based salmon-farming company Cermaq posted a slight profit in the three months ending 30 June 2024 – which is the first quarter of its fiscal year – reversing the losses it had in Q1 2023.
In results posted by its parent company Mitsubishi, which purchased Cermaq in 2014 for NOK 8.9 million (then USD 1.4 million, EUR 1.1 million), Cermaq had a three-month profit of JPY 800 million (USD 5.5 million, EUR 5 million), compared to a loss of JPY 3 billion (USD 20.8 million, EUR 19 million) in Q1 2023.
Part of the gain was related to Cermaq acquiring an additional affiliate – though the company did not reveal the name. According to the results, Cermaq had a valuation gain of JPY 3.1 billion (USD 21.5 million, EUR 19.6 million) thanks to the acquisition.
European salmon prices reached NOK 138 (USD 12.49, EUR 11.40) per kilogram, as supplies of “superior” salmon were low due to farming issues, further helping Cermaq's bottom line. However, prices dropped to NOK 75 (USD 6.79, EUR 6.19) by 1 August.
Cermaq also benefited from U.S. prices after fillet sales reached USD 6.50 (EUR 5.93) per pound in April and May due to reduced supplies of salmon from Chile. A harmful algal bloom event in Chile in January caused mortalities and supply shortages beginning in January 2024. Chilean supply has since rebounded and Chilean salmon fillets are now selling for ...
