Stolt Sea Farm reports "record-breaking" 2024 results

Stolt Sea Farm (SSF) has released its annual report for 2024, announcing a "record-breaking" year characterised by strong financial performance, production milestones, and continued investment in sustainability and innovation.

Operating in more than 30 countries, the company specialises in premium turbot and sole, with an annual production capacity of 7,200 tonnes and 1,800 tonnes respectively.

“2024 was a year of excellent production, steady demand and strong pricing, all of which contributed to a strong performance overall," said Stolt Sea Farm President Jordi Trias, in the company's annual report. “This is only possible thanks to our people, who are dedicated to delivering the quality, care and innovation behind our award-winning seafood, and I would like to thank them for their efforts," he added.

In 2024, SSF achieved its highest-ever sales volumes, of 6,861 tonnes of turbot (up 0.7% compared with 2023) and 1,806 tonnes of sole (up 4.5%). The company also saw a 30% year-on-year increase in sales of value-added products.

SSF reports that strong market demand and improved pricing – up 14.3% for turbot and 8.8% for sole – helped increase its operating revenue to $127 million (€117m), compared with $111 million (€102m) in 2023.

This gave an operational profit of $29.2 million (€26.9m), rising almost 20% compared with 2023 – although the company said that, excluding fair value adjustments in both years, the increase was $9.4 million (€8.6m) or 46.2%.

In 2024, SSF undertook a series of key investments in Spain and Portugal, including the completion of a broodstock facility upgrade in Merexo, Galicia and the expansion of its facility in Cervo, which is described as the world’s largest flatfish hatchery.

In October, the company began construction of a new RAS facility in Tocha, Portugal, supporting SSF's goal to double sole production over the next three years and reach a combined 23,000 tonnes of annual production by 2035.

Last year also saw the launch of SSF's innovation unit in Lira, Spain, "to explore ways to reduce waste during fish processing and optimise the use of by-products and co-products from aquaculture activity," Trias said.

Trias noted that after a successful Christmas sales season in 2024, the company "entered 2025 in a strong position".

"We will continue to progress our growth and expansion plans to increase production capacity and meet increasing demand for high-quality, responsibly produced seafood. We will also remain focused on developing our pioneering farming techniques, adopting innovative technologies and engaging in research and development projects and partnerships," Trias said.

"In 2025, we will diversify our product offering further and strengthen our consumer brand to ensure we continue to meet customer needs and retain our market-leading position. In everything we do, we will remain focused on fish welfare and sustainability, ensuring that future generations continue to enjoy wonderful seafood," Trias concluded.