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.
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.
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.
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.
