Arctic Fish turns to majority owner Mowi to handle sales

Ísafjörður, Iceland-based salmon-farming company Arctic Fish harvested just 100 metric tons (MT) of head-on gutted (HOG) fish in the second quarter of this year – a major drop from the 1,029 MT of HOG salmon harvested in the same period last year.

Because of the small volume harvested in the quarter, Q2 constituted a low-income period, with its operational revenue and other income totaling NOK 22.8 million (USD 2.1 million, EUR 2 million). In the same quarter last year, the company earned NOK 87 million (USD 8.2 million, EUR 7.6 million). 

Its operational earnings before interest and taxes (EBIT) fell from NOK 35.8 million (USD 3.4 million, EUR 3.1 million) to a loss of NOK 2.3 million (USD 215,776, EUR 199,909), while its operational EBIT per kilogram dropped from NOK 34.82 (USD 3.27, EUR 3.03) to losses of NOK 23.11 (USD 2.17, EUR 2.01).

The company harvested 4,966 GWT of fish in the first six months of 2023, compared to the 5,250 MT the company harvested in H1 2022.

In its quarterly results, Arctic Fish, which previously sold its products through a “free carrier” sales agreement with Seaborn, a distributor of Icelandic and Norwegian salmon, said it plans a switch to selling through Mowi, which acquired a majority stake in the firm in November 2022.

“Routes have developed positively, and there is potential to enter new markets in the future efficiently,” the report stated.

Arctic Fish also announced it has shifted its harvesting operations to a new facility in …

Photo courtesy of Arctic Fish