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Grieg Seafood ASA has presented its Q2 2022 results which indicate an operational EBIT of NOK 986 million (€101m). Along with an operational EBIT/kg of NOK 41.6, due to “exceptionally high prices and good biological performance”. This means up from NOK 44 million in the corresponding period last year.

Regarding this, CEO Andreas Kvame in Grieg Seafood stated: “As a continuation of the positive trend in Q1, the second quarter of 2022 also turned historic. Due to the strongest market the industry has seen, coupled with solid production, I am proud to present Grieg Seafood’s best result in a single quarter ever.”

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“I want to sincerely thank all of my dedicated and hard-working colleagues. In both farming and sales for their efforts and achievements throughout the quarter. In line with the strategy of our integrated sales organization, we successfully expedited some harvest to capitalize on strong prices in the market,” he added.

Likewise, the report says results in both Rogaland and Finnmark were positively impacted by strong price realization from high average harvest weights and positive cost development.

Also, results in British Columbia were solid, driven by good price achievement from premium on VAP products. In addition to stable costs from harvesting of sites with good biological performance.

Moreover, the transfer of fish to the sea in Newfoundland is performing well. Including high survival and no sea lice issues. Harvesting is planned to start in 2023 and now a two million smolt has been transferred to sea.

Forecast

The global harvest of Atlantic salmon in 2022 is expected to decrease by 1%. In the first half of 2022, the global harvest was down 4% compared to the first half of 2021. Consequently, harvest volume for the second half of 2022 is expected to increase by close to 1% compared to last year.

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On the other hand, the provision for a harvest volume of 90,000 tonnes in 2022 has down to 87,000. Further, the estimated harvest volume in Finnmark has been reduced by 2,000 tonnes to 36,000 tonnes. The reason for this is reduced growth in the sea during the quarter as a result of lower temperatures.

Finally, because of the risk of early maturation estimated harvest volume in BC has been reduced by 1,000 tonnes to 21,000 tonnes. Grieg Seafood expects to sell some 5-10% as VAP products, keeping in mind the total harvest volumes for 2022.

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