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AKVA GROUP PROFITABILITY HIT BY INCREASED COSTS
August 8, 2022
AKVA group profitability hit by increased costs. AKVA group ASA is expecting a strong revenue of MNOK 907 in Q2 22, representing an increase of 9% compared to Q2 21. However, the profitability is significantly impacted by increased costs from high inflation rates, warranty and cost provisions. EBIT is expected to be negative of MNOK 41 for Q2 22.
Main items that have contributed to the significant shortfall of EBIT in Q2:
- High inflation rates and supply chain restrictions worldwide driven by the Russia-Ukraine conflict with estimated MNOK 37 in additional costs. Continued uncertainty related to supply chain restrictions and cost inflations may impact the profitability for the rest of 2022.
- One-time cost provisions of MNOK 31 within the Sea Based segment, primarily related to an ongoing barge project in Canada.
- One-time warranty and cost provisions of MNOK 34 related to specific Land Based projects.
Further details will be presented in the second quarter presentation at Dronning Eufemias gate 30, Oslo, 10:00 August 12th.
About AKVA Group
AKVA group is present in all markets with offices in Norway, Chile, Denmark, Scotland, Spain, Greece, Iceland, Canada, Australia and Turkey. AKVA group is a unique partner with the capability to offer both Sea based and Land based aquaculture operations with complete technical solutions and service.
AKVA group are a global provider with offices, operations, and customers all over the world. They are a provider of solutions and services, from single components and products to full production performance solutions. All their solutions and services work together to provide better fish performance improving our customers sustainability and profitability.
