Salmon Evolution published its 2Q2023 results, in which the company showed a return to normality in biomass after a solid period since May, even pointing to a possible record in the third quarter. In addition, the report for the financial period also showed successful harvests accompanied by cost improvements and contracts to expand production.
The company showed positive results that showed Salmon Evolution was climbing back to the top. The company explained that this 2Q2023 biomass production has returned to normal, with solid biological performance since mid-May with good appetite and normal mortality levels.
The third quarter also continues to have very positive expectations. According to the data, 3Q2023 is expected to be the highest biomass production ever, with 1,628 tons (LW) accounted for as of August 15.
In May, they harvested Batch 2, yielding 585 tons of HOG, with 93% of this fish being of superior quality. The fish exhibited an adjusted weight concentration, indicating a substantial high-quality flesh in relation to the total weight.
On the other hand, Salmon Evolution also explained that other lots continued with their initial plans. Specifically, they stocked batches 6 and 7 at the end of May and June as intended.
On the strictly financial side, there has been a favorable evolution of production costs in 2Q2023. Nonetheless, they anticipate ongoing improvements, along with increased production volumes.
Regarding phase 2 of Indre Harøy, contracts have already been awarded. Thus, once this phase is completed, 7.9 thousand tons of salmon (HOG) will be added. This will increase the total annual production to 15.8 thousand tons of salmon.
Furthermore, an April private share offering yielded total earnings of NOK 525 million (equivalent to EUR 46 million/ USD 50 million) before deductions.
Salmon Evolution, a Norwegian land-based salmon farming company, aims to achieve a production capacity of 100,000 tonnes HOG by 2032. The Company's focus is on extending the ocean's potential by transferring the best preconditions to farm fish on land. This secures a truly sustainable production process with controlled and optimal growth conditions and limits operational and biological risk. Salmon Evolution ASA holds a listing on Oslo Børs under the ticker symbol SALME.
