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Commercial Fishing



Icelandic fish catch dropped in November. The catch of Icelandic fishing vessels in November 2020 was 63,864 tonnes, 8% less than in November 2019. The total catch of demersal species was nearly 40 thousand tonnes, 4% decrease compared to November last year. Cod catch was 24 thousand tonnes, 8% decrease compared to November last year.

Pelagic catch was nearly 23 thousand tonnes, 12% less than in the previous year. Shellfish catch decreased as well, was 371 tonnes compared to 937 tonnes in November 2019.

Total catch in the 12 month period from December 2019 to November 2020 amounted to 1,010 thousand tonnes which is 3% less than in the same period one year earlier.

The value index of catch in November 2020 was 9.1% less than in November 2019.

Meanwhile, gross profit, EBITDA as a proportion of operating revenue (excluding transactions of raw materials between enterprises), increased from 25.2% to 30.6% in Icelandic fishing and fish processing total, from 18% to 23.1% in fishing, and 14.8% to 15,9% in fish processing between 2018 and 2019.

Earnings before tax in fishing and fish processing (annuity method) increased from 12.2% to 19% between 2018 and 2019. In 2019, total profits were 46.2 billion ISK after subtracting imputed cost of capital of 28.2 billion ISK. Using the standardised balancing methodology, total profits were 17.4% or 42.2 billion ISK compared with 11.5% or 25.4 billion ISK in 2018.

Total assets for fishing and fish processing were roughly 786 billion ISK for 2019. Total debt was in excess of 430 billion ISK, a 4% increase, and equity was roughly 356 billion ISK.