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    Arctic Fish reduces harvesting volumes estimations after Q3 2022 results

    18% lower than in 2021.

    Arctic Fish has confirmed it will develop according to its growth plan, harvesting volumes in 2022 an 18% lower than in 2021, coming in at a total of 9.4 thousand tonnes. The group is yet very optimistic about continuing strong market performance moving forward and believes that it can generate a healthy margin on sold quantities throughout the year.

    Outlook

    In more detail, for the third quarter, the company reported sales was NOK 114.32 million compared to NOK 160.18 million a year ago. Also, a net loss was NOK 24.62 million compared to NOK 3.24 million a year ago.

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    Besides, the basic loss per share from continuing operations was NOK 0.77 compared to NOK 0.1 a year ago. The diluted loss per share from continuing operations was NOK 0.77 compared to NOK 0.1 a year ago.

    On the other side, for the nine months, sales were NOK 479.42M compared to NOK 426.59M a year ago. Net income was NOK 0.61 million compared to NOK 117.48 million a year ago. Basic earnings per share from continuing operations was NOK 0.02 compared to NOK 3.69 a year ago. Diluted earnings per share from continuing operations was NOK 0.02 compared to NOK 3.69 a year ago.

    Finally, construction project expenditure related to the smolt expansion in Tálknafjörður and the harvesting facility in Bolungarvík were the key investments in the quarter. Minor investments were made in farming and other smaller smolt production investments.

    Regarding this quarter’s operational performance, Arctic Fish CFO Neil Shiran Þórisson noted: “This a drop from the last quarter. Mainly due to the lower market prices and higher production costs. We see an increase in feed costs and other cost inflation on other items. It has never been this high for us since 2021.”

    Last week, Mowi acquired 51.28% of the shares in Arctic Fish. The acquisition price is NOK 115 per share amounting to NOK 1.88 billion or EUR 181 million.

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