SalMar achieves marvelous results in its 2022 annual report, closing with a profit of NOK 20.1 billion and a total harvest f 277,500 tons of Atlantic salmon between the three countries of the company operations. Some facts to celebrate, but not to lose sight on the future.
Frode Arntsen, SalMar's president and CEO, explained clearly how the company had approached its data in 2022. "The company's progress has not been taken from the realms of fantasy and stories. The development of SalMar and the Norwegian aquaculture sector as a whole is a success story – based on hard work – that there is every reason to be proud of."
Thus, SalMar's CEO described a year of effort that has been rewarded, and his figures certainly do not show the opposite. In 2022, SalMar Group generated gross operating revenues of NOK 20.1 billion, compared to NOK 15 billion the previous year, an increase of 34%.
Furthermore, in terms of earnings, 2022 was also a solid year for SalMar. The SalMar Group achieved an operating EBIT of NOK 4.5 billion, compared to NOK 2.9 billion in 2021. These numbers underline a well-executed year's performance, compounded by a record harvest. With a total of 277,500 tons of Atlantic salmon between Norway, Iceland, and Scotland. Moreover, as a result, the company, which has always maintained social responsibility, was ranked among the world's ten most sustainable protein producers in 2022.
The NRS transaction looks forward to an even more promising future, in which, including the acquisition of NTS, they expect to produce around 277,500 tons of seafood products in 2023. This corresponds to approximately 77 % of Norway's total production.
Troms and Finnmark in Norway have become important regions for global food supply. SalMar's investments in northern Norway will be further strengthened by the merger with NRS.
However, although the company explained that its intention was for Norway to remain at the forefront of offshore aquaculture, it did not know if this would be possible. The dreaded "salmon tax" as well as the uncertainty it caused in the industry cause companies, including SalMar, to be unsure to what extent they will allow it to remain that way.
SalMar estimates that more than NOK 45 billion in investments across the industry have been frozen due to the proposed tax. Specifically, in their case, they explained that it affected SalMar's planned NOK 2 billion investment in a new harvesting and processing plant in Frøya.
In this way, and following the success of its operations carried out in Iceland, it has made this country relevant. The higher production volume, as well as significantly improved margins, is a clear indication that there are many possibilities in the country, and also that there is considerable potential for further growth.
SalMar is one of the world's largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway, and Iceland, as well as substantial harvesting and secondary processing operations in Scotland. In addition, the company is operating within offshore aquaculture through the company SalMar Aker Ocean and SalMar owns 50% of the shares in Scottish Sea Farms Ltd.
