Grieg’s biological challenges in Norway ease in Q2 2023 as it readies first Newfoundland harvest

Biological challenges have plagued Bergen, Norway-based Grieg Seafood’s Norwegian salmon-farming sites for a few quarters, but those issues have begun to ease, according to the group’s Q2 2023 results, published 25 August.

In Q1 2023, Grieg’s Rogaland, Norway, site was hit by infectious salmon anemia (ISA), while its Finnmark site identified the presence of the Spiro parasite (Spironucleus salmonicida). Both sites also found winter ulcers among their stock, yet the company still harvested more fish than planned from its Norwegian operations overall.

Grieg CEO Andreas Kvame said the biological challenges remained a problem in Q2,  particularly in Finnmark, but that a range of mitigating actions were employed to address the issues had improved the situation.

The group’s Q2 operational earnings before interest and taxes (EBIT) of NOK 547 (USD 51.6 million, EUR 47.5 million) were down from NOK 986 million (USD 93 million, EUR 85.6 million) compared to the corresponding period of last year, while its total harvest volume slipped 4 percent from 23,672 metric tons (MT) in Q2 2022 to 22,645 MT. This resulted in an operational EBIT per kilogram of NOK 24.20 (USD 2.28, EUR 2.10), a steep decline from NOK 41.60 (USD 3.92, EUR 3.61) a year previously.

Marginal increases to the global supply of Atlantic salmon led to high market prices in the second quarter, contributing to Grieg’s quarterly revenue of NOK 2.37 billion (USD 223.5 million, EUR 205.7 million), according to Kvame...

Photo courtesy of Grieg Seafood