Nordic Halibut has reported its results for the third quarter of 2023, showing revenues up 23% compared with last year, reaching NOK 17 million.
The Averøy, Nordmøre-headquartered company says it continues on track to reach its long-term goals of 4,500 tonnes head-on-gutted (HOG) by 2026, ramping up to 10,350 tonnes HOG by 2031.
Presenting its results, Nordic Halibut stated that "strong biological control" suports its new commercial strategy of producing larger-sized fish, with the aim of achieving higher margins and increased full run-rate production. The company noted an increasing demand for larger fish, with increased preference and willingness-to-pay for larger-sized fish in key markets.
According to the company, the profit per kilo significantly increases as the fish grow to larger size categories, due to a substantial rise in prices for fish sold at 6 kg and above.
Average sales price for Q3 reached 147 NOK/kg, representing a 2% increase year-on-year.
However, as expected, Nordic Halibut made an operational loss with EBITDA of NOK -13.9 million, and an overall accounting loss of NOK 21.5 million for the period.
Nordic Halibut also began constsruction of its fully integrated land-based facilities at Tingvoll in August. Based on a 100% flow-through system, the site will include facilities for broodstock, juveniles and on-growing before fish are transferred to sea for grow-out. The facilities are expected to significantly increase the company's juvenile production capacity, enabling ramp-up to approximately 10,000 tonnes.
Construction of infrastructure at the site is expected to start during the first six months of 2024, with the facility to be phased into production during 2025-26.
In August, the company also secured approval from local authorities for a new fish farming site at Batnfjorden in Gjemnes municipality, with the first batch of fish put to sea during the quarter.
Nordic Halibut AS is one of the world's leading producers of farmed Atlantic halibut, specifically sushi-grade. This Norwegian company has licenses to produce 4,500 tons per year of Atlantic halibut and continues to increase the numbers. This is thanks to its methodology that allows the product to be available fresh on ice all year round and is not dependent on seasonal changes.