Forced accelerated harvesting pushes Norcod’s revenue, losses up in Q2 2023

Norcod posted higher revenues and higher operating losses in Q2 2023 as the company finished a round of accelerated harvests. 

The Norwegian cod farming firm posted NOK 39 million (USD 3.6 million, EUR 3.3 million) in revenue in Q2 2023, up 39 percent from its Q2 2022 result of NOK 34 million (USD 3.1 million, EUR 2.9 million). 

Norcod's higher revenue was partially driven by forced harvesting imposed upon the company by the Norwegian Directorate of Fisheries in March 2023, after it discovered sexually mature cod at Norcod's Frosvika, Norway-based facility.

“Total harvest volume ended on 1,038 tons [whole fish equivalent], up 8 percent from Q2 previous year, driven by the accelerated harvest pace,” the company said. 

Norcod's higher revenue was offset by greater losses, with the company posting a loss of NOK 47 million (USD 4.3 million, EUR 4 million) for the quarter, compared to an operating loss of NOK 41 million (USD 3.8 million, EUR 3.5 million) in Q2 2022. 

Norcod recorded NOK 164 million (USD 15.3 million, EUR 14.1 million) in revenue in H1 2023, up from NOK 117 million (USD 10.9 million, EUR 10.1 million) it posted in H1 2022. However, its operating expenses increased as well, pushing it to a loss before fair-value adjustment of biomass to NOK 159 million (USD 14.8 million, EUR 13.7 million), up from the NOK 87 million (USD 8.1 million, EUR 7.5 million) loss it posted in H1 2022. With a fair-value adjustment of biomass, Norcod's operating loss was reduced to NOK 75 million (USD 7 million, EUR 6.4 million), an improvement from the NOK 85 million (USD 7.9 million, EUR 7.3 million) posted in H1 2022. 

The biggest impact on the company in Q2 came from its  …

Photo courtesy of Norcod