Proximar Seafood closes year with strong fourth quarter despite reduced harvest

Proximar Seafood AS has reported strong fourth-quarter and full-year 2024 results, reporting that it has achieved premium prices for its locally produced Atlantic salmon in Japan.

The Norwegian company, which operates its first production facility near Mount Fuji in Japan, successfully harvested and sold its first batches of salmon, receiving NOK 123 per kilogram - a price significantly higher than imported Norwegian salmon, Proximar highlighted in its fourth quarter report.

With a harvest of 28 tonnes of salmon, Proximar achieved an average fish weight of 4.2 kilograms, with a 99.7% superior grade classification during the fourth quarter. The company’s biomass growth saw substantial progress, reaching 1,058 metric tonnes, a 45% increase compared to the previous quarter.

“We have had a fantastic start of our market entry, and our fish is very well
received by customers and partners. Both the price achievement and feedback underline the demand for our premium Fuji Atlantic salmon in Japan," said Proximar Seafood CEO Joaquim Nielsen, in a press release.

"We now deliver on our promise from the inception to supply the Japanese market with the freshest high-quality Atlantic salmon, and we are looking forward to increasing production and supplying more volumes as we enter 2025,” Nielsen added.

Looking ahead, Proximar plans to harvest between 3,500 and 3,800 tonnes of salmon in 2025. The company is also on track to achieve positive EBITDA in the first half of the year, it reports.

However, Proximar also faced challenges following two biofilter incidents in Q4 2024. In its last operational update the company announced it had managed to solve the challenges resulting from the two biofilter incidents of Q4 2024 without mortality, although it was forced to lower its harvest volume forecast.

In its Q4 report, Proximar said it has successfully resolved the turbidity issue in its water system and does not anticipate similar problems in the future. Fish mortality remained low, with a 98% survival rate in grow-out production, which the company says demonstrates stable farming conditions and overall good fish health.

“Proximar is the first producer of Atlantic salmon in Japan, years ahead of the competition. We can now finally supply the Japanese population with domestically produced Atlantic salmon of the highest quality. The premium price achievement for our fish is another confirmation of our business model and value proposition, demonstrating the significant cost advantage of local production in Japan,” Nielsen said.