The 2022 annual report of Nordic Halibut shows that the company will remain on track financially and will make significant progress on its long-term production targets. A positive overview of the business year and the expectations to continue expanding further with the company's 2030 plan.
Nordic Halibut's financial results in 2022 were in line with expectations, and the company exceeded its revenue target. During the year the company's focus was on the volume ramp-up phase, the current cost structure, and investment during 2022. To this purpose, EBITDA (Earnings Before Interest Taxes Depreciation, and Amortization) ended at NOK -41.9 million and EBIT (Earnings Before Interest and Taxes) at NOK 58.6 million. Compared to the previous year, the results in 2022 reflect the advanced cost retained because of the company's growth plan.
Throughout 2022, Nordic Halibut released more than 700,000 fish into the sea, an all-time high for the company. This performance is a clear indication of progress toward the growth plan. Based on the projections achieved, this would equate to a catch volume of 3,500 tons of halibut in 2025.
The third quarter was the most important one for the company because, after the studies, the investment was reinforced. In this financial period, the company conducted biomass tests with excellent results. Grønset's 12 sea cages provide maximum capacity and improve the utilization of the marine site, demonstrating scalability in offshore halibut farming.
The operational milestone that the company considers to be the most important milestone achived in 2023 was the approval of the zoning plan for Torjulvågen. Having achieved this goal, the company can now move forward with the second phase of its growth plan, which aims to produce 9,000 tons of Greenland halibut by 2030.
The new facility at Torjulvågen in Tingvoli will be built specifically for halibut farming and will be designed to take full advantage of the site's natural environment and water properties on an industrial scale.
This facility will use 100% flow-through. This is based on an established technology that will eliminate the need for advanced technological water treatment and heating.
Moreover, it will take advantage of the characteristics of the environment, in this case, the fjords. The fjords around Torjulvågen are deep, making them perfect for land-based halibut production. This makes the facility energy efficient while minimizing technological risk throughout the production cycle.
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 because its methodology allows the product to be available fresh on ice all year round and is not dependent on seasonal changes.
