Ice Fish Farm was renamed Kaldvík in June 2024.
Photo: Kaldvík.
Kaldvík AS, Iceland’s largest salmon farming company, has reported a significant jump in profits in its third-quarter results for 2024.
The Icelandic fish farming company, formerly known as Ice Fish Farm, reached EUR 2.1 million in operational EBIT for the quarter, a sharp rise from EUR 0.3 million in the same period last year, while revenues surged to EUR 24.5 million, compared to just EUR 2.1 million in Q3 2023.
Fish health in the company's sea farms remained strong, the company reports, with low mortality and high quality observed across operations, with 93% of harvested fish graded as superior. The company highlighted it had successfully put in place measures to mitigate biological risks, including jellyfish-related challenges.
Kaldvík reported harvest volumes for Q3 totalling 3,798 tonnes, falling below the 4,500 tonnes guidance due to lower-than-expected sea temperatures impacting growth rates.
Prices achieved during the third quarter were also lower than expected, leading Kaldvík to delay part of its planned harvest, and revise its overall 2024 harvest guidance to 15,000 tonnes, down from 17,500 tonnes, in order to optimize production timing and price achievement. The company anticipates harvesting 6,700 tonnes in Q4 2024.
In its quarterly report, the company also indicated it expects official government approval for a new 10,000-tonne permit in Seyðisfjörður in the Eastern Region of Iceland by early 2025. Taking into account the total licenses currently held by the company, Kaldvík says it is the largest salmon farmer in Iceland, with permits for 43,800 tonnes.
Kaldvík continues to expand its production capabilities, having invested EUR 5.5 million in upgrading smolt facilities during the third quarter, out of a total CAPEX investment plan of EUR 25 million for 2024. Its existing land-based facilities have been upgraded to improve efficiency and capacity, including new filtration and degassing systems, the company said, while the construction of a new grow-out facility is also underway, set to begin operations in Q1 2025.
During the quarter, the company transferred 2 million smolt to sea, with an average weight of 361 grams. The company plans to release an increased number of smolt in 2024, targeting 6.2 million, compared to 5.4 million in 2023.
"With an ambitious investment program currently in full force, Kaldvík aims to reach stable production of 30 000 tonnes. Achieving this stable production level will be a testament to the success of our operational strategies and the completion of necessary investments," the company stated.
