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Aquaculture

REVENUE UP FOR GRIEG SEAFOOD

REVENUE UP FOR GRIEG SEAFOOD

Revenue up for Grieg Seafood. Norwegian Salmon farmer Grieg Seafood Group harvested 14 801 tonnes GWT in the first quarter of 2019, compared to 11 443 tonnes in Q1 2018.

The average realised price was up in Q1 2019 compared to Q1 2018, mainly driven by higher average market price. Total revenues during the quarter amounted to NOK 1 650 million, an increase of 9% compared to the same period last year.

Farming cost (total cost related to fish harvested this quarter) improved compared to the same quarter last year, mainly related to economies of scale from higher harvest volume and improved production in Norway.

The Group’s EBIT before fair value adjustment of biological assets was NOK 267 million during the quarter (162). The corresponding EBIT per kg amounted to NOK 18.07 for the period (14.18). EBIT from the four regions includes value creation from the respective sales activities of the Group’s jointly-owned sales company, Ocean Quality.

Commenting on the Group’s performance, CEO Andreas Kvame, said: “During the first quarter Grieg Seafood experienced strong growth and continued biological improvements, particularly in Finnmark and Rogaland. Our strong performance is a result of our skilled employees’ dedication to our strategic focus areas – large smolt, digitalization, biosecurity and fish welfare and operational expansion.

“We are still in the early stages in executing on our priorities and we expect continued growth and operational improvements going forward. We remain confident in our 2020 target of 100 000 tonnes harvest with cost at or below industry average, and with our five pillars for sustainability, we remain committed to our ambition for sustainable salmon farming and long-term value creation for all our stakeholders.

“We are proud to have climbed from 12th place to 8th place on the SHE Index, which scores companies on their efforts to improve gender balance in management. Our objective is to achieve sustainable growth and revenue up for Grieg Seafood, by combining talented people, knowledge about nature and new technology.”

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