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Andreas Kvame, CEO of Grieg Seafood, confirmed the first quarter of 2022 has been “different from anything” he has seen before in his 26 years in the aquaculture industry, during the last company report presentation. Grieg Seafood has announced an operational EBIT of €44.3 million (NOK 453M) in the first quarter up from minus €1.6 million (NOK 16M) in the same period last year.

Andreas Kvame – Grieg Seafood

In addition, the harvest volume was 16,900 tonnes during the period, which gives an operational EBIT/kg of €2.6 (NOK 26.8). The market has been incredibly strong, with historical prices across the board. Grieg Seafood achieved the best result we have ever done in the first quarter,” CEO Andreas Kvame said.

Figures – Grieg Seafood
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In more detail, he indicated that all their production regions performed well. Because of improvements in biological control and increased survival. “In Finnmark, we were significantly less affected by winter sores this year compared with 2021, as a result of successful mitigation measures,” he specified.

Grieg Seafood’s financial summary sums up a strengthened financial position based on improved operational performance. Also a solid capital structure with an equity ratio of 51%, or 53% according to financial covenant (31%).

In conclusion, the company expects no global supply growth in 2022 and a continuous high salmon demand in both retail and HoReCa. Furthermore, it hopes for strong demand and full Covid recovery of most markets.

“The Covid-19 pandemic has affected the salmon market over the past two years. With a shift in demand from HoReCa to the retail segment. The HoReCa segment is strengthening. It also appears that the pandemic has increased demand in the retail segment, as consumers have become accustomed to cooking salmon at home. Without supply growth in 2022 and prospects for continued strong demand, we expect a strong market going forward,” Kvame concluded.

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