For Q4 2023, the AKVA Group has reported revenue of MNOK 800 (779), an increase of 3% compared to Q4 2022.
AKVA Group
AKVA group has expressed that "profitability in 2023 is improved compared to last year but is still below expectations" partly due to the consequences stemming from the introduction of the resource tax both in land and sea-based business.
Regarding the activity, 2023 was similar to the previous year as the order intake was strong thanks to the RAS contract for Nordic Aqua Partners (MEUR 40) and the post-smolt contract for Cermaq Norway (minimum MEUR 60).
For Q4 2023, the Group has reported revenue of MNOK 800 (779), an increase of 3% compared to Q4 2022. In addition, EBITDA increased from MNOK 27 in Q4 2022 to MNOK 41 in Q4 2023.
Also, the rightsizing process, with annual estimated cost savings of MNOK 45, was completed. On the other hand, the costs related to the process were MNOK 10 and harmed the profitability in the quarter.
Because AKVA's main objective is to "maximize the return on the investment made by its shareholders through both increased share prices and dividend payments", it has decided not to pay any dividends.
AKVA hopes that the post-smolt market in Norway can be normalized during the second half of 2024. After, revising the medium-term financial targets, it expects a revenue of minimum BNOK 3,6 and EBIT of 4-5% in 2024. Finally, according to the company, salmon prices will remain strong driven by reduced supply.