Larger harvest volumes and higher average sales prices led to an over 40 percent jump in Q1 2024 operating revenues year over year for Frøya, Norway-headquartered salmon-farming group Måsøval.
Måsøval posted operating revenue of NOK 402.3 million (USD 38 million, EUR 35 million) in the quarter, a NOK 165 million (USD 15.6 million, EUR 14.4 million) increase over the total reported for the same period in 2023.
The group’s Q1 2024 operational earnings before interest and taxes (EBIT) of NOK 120.6 million (USD 11.4 million, EUR 10.5 million) were more than three times the NOK 35.9 million (USD 3.4 million, EUR 3.1 million) it posted a year previously, and it also reversed Q1 2023’s net loss before tax of NOK 39.6 million (USD 3.7 million, EUR 3.4 million) with a profit of NOK 54.4 million (USD 5.1 million, EUR 4.7 million).
Måsøval’s Q1 2024 net profit was almost NOK 30 million (USD 2.8 million, EUR 2.6 million), compared with a loss of NOK 31.2 million (USD 2.9 million, EUR 2.7 million) in Q1 2023.
The company also harvested 3,606 metric tons (MT) of head-on gutted (HOG) weight fish in the three-month period, compared to 1,994 MT a year previously. It achieved an average sales price of NOK 95.60 (USD 9.03, EUR 8.32) per kilogram in the quarter, up from NOK 83.90 (USD 7.92, EUR 7.30) in Q1 2023.
Måsøval’s Farming sector achieved total sales revenues of almost NOK 366.2 million (USD 34.6 million, EUR 31.9 million) in Q1 2024, including NOK 345 million (USD 32.6 million, EUR 30 million) in salmon sales, up NOK 176 million (USD 16.6 million, EUR 15.3 million) year over year. The segment’s operational EBIT more than tripled from NOK 53 million (USD 5 million, EUR 4.6 million) to NOK 164 million (USD 15.5 million, EUR 14.3 million).
Måsøval said it built up its biomass in the quarter in order to reach ...
