AKVA boasts record order backlog at end of Q2, company sees higher revenue and earnings

Aquaculture equipment provider AKVA Group reported record high activity and improved profitability in Q2 2023, and is coming out of the quarter with a record order backlog.

The Sømna, Norway-based company posted Q2 2023 revenues of NOK 940 million (USD 90.2 million, EUR 82.2 million), an increase of 4 percent compared to the same quarter of 2022. In addition to the increases in revenue, the company also posted a large jump in earnings before interest, taxes, depreciation, and amortization (EBITDA). The company’s Q2 2023 EBITDA reached NOK 86 million (USD 8.2 million, EUR 7.5 million), a significant increase from the NOK 3 million (USD 288,000, EUR 263,000) posted in Q2 2022.

Earnings before interest and taxes (EBIT), meanwhile, reached NOK 39 million (USD 3.7 million, EUR 3.4 million) in Q2 2023, a significant improvement compared to the loss of NOK 41 million (USD 3.9 million, EUR 3.5 million) in Q2 2022.

The quarter also featured “strong” order intakes, reaching NOK 1.8 billion (USD 172 million, EUR 157 million) – up from NOK 827 million (USD 79 million, EUR 72 million) in Q2 2022. The strong order intake has led to ... 

Photo courtesy of AKVA Group