Photo: Norcod AS
Norwegian cod farming company Norcod has released its results for the first quarter of 2025, reporting strong revenue growth but ending the period with a loss, as the company continues investing heavily in its operations.
The company recorded revenues of NOK 193 million for the quarter, marking a 63% increase from NOK 118 million in Q1 2024. Norcod also posted an operating loss of NOK 43 million, which it noted reflects a 43% improvement in EBIT margin compared with the same period last year.
The company reports it harvested 3,929 tonnes of cod (measured in whole fish equivalent), up from 2,765 tonnes in the same period last year. Most of the harvest came from Norcod's Frosvika and Labukta sites and was processed at the company's own facility, Kråkøy Slakteri.
Norcod said that 86.6% of the cod harvested was of “superior” quality. The company also reported good feed efficiency, with a biological feed conversion ratio of 1.1 and an economic ratio of 1.33, with the cost of producing the fish at sea at NOK 44 per kilo.
The amount of fish in the water was temporarily reduced during the quarter due to adjustments in production plans, the company said. Norcod expects volumes to increase in the second half of the year and aims to harvest around 8,000 tonnes by the end of 2025.
The quarter also saw the cod farming company raise significant funds in support of Norcod's long-term goal of producing 25,000 tonnes annually by 2030, with NOK 300 million raised through new loans and a private placement. A follow-up share issue was also completed after the quarter.
Looking ahead, the company said that despite "instability" in the global economy, it "firmly believes in favourable market conditions going forward", and indicated it would continue to focus on cost optimisation and operational efficiency to "reinforce the profitability trajectory and provide a strong foundation in the ongoing commercialisation phase for farmed cod".
