Grieg Seafood’s annual report for a “historic” 2022

The highest ever volume harvested in our current farming regions, a total of 84 697 tonnes, the record high Operational EBIT of NOK 1 739 million and a net profit after tax of NOK 1 154 million, and earnings per share equal to NOK 10.3 among others.
Salmon display in Brackendale, BC/Canada. Photo by: Adobe Stock.
Salmon display in Brackendale, BC/Canada. Photo by: Adobe Stock.

Grieg Seafood reached in 2022 great achievements. The highest volume ever harvested in their current farming regions, a total of 84,697 tonnes, the record high Operational EBIT of NOK 1,739 million, and a net profit after taxes of NOK 1,154 million, among others goals achieved.

In Andreas Kvame's words, the CEO of Grieg, "2022 was a historic year for Grieg Seafood". The company is part of a global salmon market, supplying 3.3% of the global volume of Atlantic salmon harvested in 2022. As expected, in recent years the company has reached several of its strategic milestones, and this year they keep improving.

The progression of the company

During 2020 and 2021 Grieg Seafood, repositioned themself into other geographic locations, where they thought there was a potential for sustainable growth, concretely in Newfoundland (Canada).

They expect their first Canadian harvests in autumn this year. They are certainly in their element. Besides, they also announced that from this year, they will be able to supply the North American market with more sustainable farmed salmon.

However, they continue to operate in Europe. From their production regions in the north and south of Norway, they continue to work on demand, which has soared since the end of the Covid-19 pandemic.

Although, they also point out that in Norway, the ability to achieve this target depends on the outcome of the "salmon tax". Additionally, in BC, they are still waiting to see how events continue, although the experience in 2022 has been satisfactory.

Characteristics of success

One of the company's features this 2022 has been "post-smolt" production. With this technology the company has managed to shorten the time their fish spend in the ocean. Thus, post-smolt increases survival strengthens sea lice control, and reduces the number of treatments needed in the ocean phase. In other words, this technology improves both cost-effectiveness and sustainability.

Another highlight of Grieg Seafood's annual report is the sales organization. This organization has allowed production and sales to work in a more integrated way, as well as increasing the value created from their fish. Specifically, the sales operations were able to establish processing partners and own VAP product presence and sell 6% of their harvested volume as VAP.

Keep pushing for next year

Grieg Seafood's strategy is beyond this year to 2026. Their business strategy is based on sustainability with three key objectives: global growth, cost improvement, and value chain repositioning. Thus, they want to achieve the development and application of increasingly sustainable.

For this reason, they aim to keep investing in innovation and new technologies to improve the industry and make it more profitable and sustainable, with a reduced footprint and greater fish welfare.

About Grieg Seafood

Grieg Seafood is one of the world's leading salmon farming companies, with a catch target of 90,000 tons in 2022 and 130,000 tons in 2025. It is headquartered in Bergen, Norway, but has fish farms in Norway – Finnmark and Rogaland -, and Canada – British Columbia and Newfoundland -. More than 750 people work for the company in various regions, 180 of them in BC's coastal communities, where Grieg operates 22 fish farms and one hatchery. 

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