Norwegian land-based salmon farmer Salmon Evolution posted its best-ever quarterly harvest in Q2 2024, helping it secure year-over-year gains in operating revenue, group EBITDA, and cash flow.
Thanks to its 1,581-metric-ton (MT) Q2 2024 harvest of head-on-gutted (HOG) fish, as well as strong prices, Salmon Evolution ended the second quarter of this year with operating revenues of NOK 170.4 million (USD 16.1 million, EUR 14.5 million), an 180 percent increase over the NOK 60.7 million (USD 5.7 million, EUR 5.2 million) it posted in the same period of 2023. That big increase in revenue corresponded to better earnings, leading the company to post a group EBITDA of NOK 45.4 million (USD 4.3 million, EUR 3.9 million), up from an EBITDA loss of NOK 20.8 million (USD 2 million, EUR 1.8 million).
Positive cash flow from operations also improved, reaching NOK 37.5 million (USD 3.6 million, EUR 3.2 million), up from a loss of NOK 25.1 million (USD 2.4 million, EUR 2.1 million).
Sharing the results with the Oslo Børs, Salmon Evolution CEO Trond Håkon Schaug-Pettersen noted that in Q2, the company benefited from a price realization of around NOK 106 (USD 10.08, EUR 9.06) per kilogram thanks to an “industry-leading” superior grade share of 96 percent. The average harvest weight in the quarter was 3.6 kilograms, with “opportunistic harvesting” allowing the firm to take advantage of the strong prices.
Salmon Evolution had a busy Q2 outside of its harvest, too.
Schaug-Pettersen confirmed the company completed the financing package for …
