STOLT SEA FARM REPORTS LOWER SALES VOLUMES

Stolt Sea Farm reports lower sales volumes. Stolt-Nielsen Limited has reported unaudited results for the fourth quarter and full year 2022.

The Company reported a fourth-quarter net profit of $95.3 million, with revenue of $732.5 million, compared with a net profit of $74.7 million, with revenue of $744.0 million, in the third quarter. The net profit for the full year was $280.9 million, with revenue of $2,771.8 million, compared with a net profit of $78.8 million, with revenue of $2,181.1 million, in 2021. The EBITDA for the full year 2022 was $715.3 million, up from $536.6 million in 2021.

Its Stolt Sea Farm division reported an operating profit before fair value adjustment of biomass of $3.3 million, down from $6.1 million, reflecting lower sales volume due to seasonal impacts.

• Stolt-Nielsen Gas reported an operating loss of $2.9 million, compared to a loss of $2.0 million.
• Corporate and Other reported an operating loss of $10.4 million compared with a loss of $14.8 million.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented:

“At Stolt Sea Farm, seasonality is reflected in the weaker fourth quarter results, where focus was on production and preparations for the peak Christmas season sales during December.

Looking to the year ahead, he said:

“At Stolt Sea Farm, we expect slightly lower prices in 2023 from our turbot sales due to the recessionary pressure impacting the hospitality sector. We expect continued growth in both volume and prices from sole operations.”

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