SalMar sees significant drop in harvest volumes during Q3

Norwegian salmon farming giant SalMar ASA has released its preliminary trading update for the third quarter of 2024, revealing a notable decline in overall salmon harvest volumes across key regions compared to the same period in 2023.

In Q3 2024, SalMar recorded consolidated harvest volumes totaling 60,300 tons of gutted weight (tgw), a year-on-year drop of 22.8% from the 78,100 tons achieved in Q3 2023.

SalMar's Central Norway salmon farming operations, the largest contributor to SalMar’s production, saw a harvest volume of 38,200 tonnes, a 21.1% decrease compared to the 48,400 thousand tonnes reported in Q3 2023.

However, SalMar's Northern Norway operations fared even worse during the quarter, with production dropping to 18,300 tonnes, down from 25,700 tonnes in the previous year, representing a 28.8% decrease.

In Iceland, SalMar saw its harvest volume drop by more than half compared with the same period last year, yielding 1,800 tons, down 55% from the 4,000 tons harvested in Q3 2023 - likely reflecting ongoing biological challenges which the company also reported in Q2.

SalMar's offshore joint venture, SalMar Aker Ocean, contributed 2.1 thousand tons to the total Q3 2024 harvest.

Scottish Sea Farms, SalMar's joint venture with Leroy Seafood Group, was not included in the Q3 trading update.

SalMar's complete Q3 2024 financial report will be made available on November 18, 2024.