Following profitable 2022, Nissui unveils its future aquaculture goals

Tokyo, Japan-based Nissui, Japan’s second-largest seafood company by revenue, is well on its way to achieving its revenue targets for its aquaculture operations it set for fiscal year (FY) 2024.

Nissui's sales of aquaculture products increased from JPY 59.9 billion (USD 425.5 million, EUR 383.2 million) to JPY 69.1 billion (USD 485 million, EUR 441 million) in FY 2022, a 15.3 percent increase year over year and 92 percent of its 2024 sales target, it reported in its annual report, released in May.

Nissui's operating income in the segment rose from JPY 5.6 billion (USD 39.3 million, EUR 35.7 million) in 2021 to JPY 8.9 billion (USD 62.5 million, EUR 56.8 million) in 2023, already exceeding the company’s 2024 target.

A weakened yen and the lifting of some Covid-19 restrictions in 2022 boosted profits on some of the company’s products, potentially skewing Nissui’s sales figures compared to an average fiscal year.

Nissui's overseas aquaculture production,  primarily comprising Nissui’s coho salmon and trout farming projects in Chile, accounted for 62 percent of the company’s total landed volume of 42,500 metric tons (MT). The company mainly ships E-trim trout fillets from its overseas production, which it promotes under its Five Star brand. Nissui's aquaculture-related overseas ventures consist mainly of owning Salmones Antarctica, which includes a feed mill in the Chilean city of Los Angeles, a processing plant and farm in Chiloe, and a farm in the southern region of Aysen.

Nissui said it expects Salmones Antarctica will increase overseas sales and aims to expand the subsidiary's earnings by increasing its production of processed products. To accomplish this, the company is expanding its Chilean processing plant, shooting for completion in September 2023.

Nissui reported its production spread in Japan was varied between yellowtail (23 percent), bluefin tuna (8 percent), salmon/trout (6 percent), and Japanese amberjack (1 percent). In Japan, the company wants to position itself as a leader in Seriola, or amberjack, aquaculture. It expanded its broodstock facility in April 2023 and is also replacing smaller net pens with fewer, but larger, net-pens at its Kushima yellowtail farm, which it said will result in increased production.

Nissui achieved ... 

Photo courtesy of Nissui