Share this article

Norcod has released its financial report for Q1 2023, showing remarkable growth and achievements. The report reveals a substantial 51% increase in revenue compared to the same period last year. Moreover, the company reported a harvest of 3,362 WFE (Whole Fish Equivalent) tons, exceeding the 2021 harvest. These figures highlight Norcod’s continued success and positive drive.

Results that the company celebrated this morning on its social networks, explaining that “we are delighted to share key achievements that demonstrate our growth and success.” And in fact, this is the case. Revenues more than halved year-on-year to NOK 125 million (EUR 10.5 million /USD 11.2 million), and its harvest increased by 2027 WFE tons this 2022. Furthermore, financial milestones also include a reduction in operating loss and improved cash flows.

- Advertisement -

However, these are not the only ones, as there has also been a significant improvement in sustainable practices. In particular, Norcods’ second production, Labukda, the site now has onshore power, thus contributing to the wind approach. The facility in question kicked off its stocking of the 2023 generation in April.

Moreover, the company also achieved Global G.A.P. certification. “It is of great importance to be able to reference a third-party assessment,” the release reported.

Looking ahead to the rest of the financial year

Norcod emphasized that they will continue to make progress to improve and grow. “The main goal is to establish best practices in cod farming to safeguard a predictable and holistic context for all involved.”

In addition, among the scope of the proposals, it wants to improve survival and make better use of waste. The company seeks to increase the survival rate to 90 % by 2030. It also aims to achieve 98 % utilization of cod for human consumption, as well as a reduction of up to 30 % of the carbon footprint by 2030.

About Norcod

Norcod AS’s core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod’s existing fish farms are located in Mid-Norway with ideal conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. The company is listed on Oslo’s Euronext Growth market.

- Advertisement -

Share this article

Similar articles


Hot stories

TalentView: Ana Cerviño

Seaweed plays an important role in converting CO2. Another important...

After seven years without its star product in Asia, India and Chile reopen salmon exports

After months of efforts of the ProChile Trade Office in New Delhi and Aquachile, it has announced that the salmon export is reopening.

Kangamiut Seafood and Oceanpick bring barramundi to Europe

Kangamiut Seafood and Oceanpick join forces to bring ocean-farmed barramundi from Sri Lanka to European consumers.

Feed industry ready for Peru’s anchovy shortage

Anchovy season cancellation in Peru will affect global aquaculture through the feed industry, but Cargill, Skretting, and BioMar say they are ready to minimize the impact on their customers.