SalMar reports robust Q3 2023 harvest in advance of shareholder vote on NTS merger

SalMar’s Q3 2023 harvest is way up year over year, it reported in a 10 October trading update.

As a result of adding NRS farm sites as part of its December 2022 merger, its total gross-weight harvest volume in Q3 2023 rose to 78,100 metric tons (MT), up from 53,600 MT in Q3 2022. Its Farming Central Norway region produced 48,400 MT, up from 36,000 MT, and its Farming Northern Norway division produced 25,700 MT, up from 13,800 MT. Production at its Icelandic Salmon subsidiary improved to 4,000 MT, up from 3,800 MT.

The Frøya, Norway-headquartered salmon-farming firm will release its full Q3 2023 report on 9 November, 2023.

SalMar enjoyed record earnings in Q2 2023, posting quarterly operational earnings before interest and taxes (EBIT) of NOK 1.745 billion (USD 165 million, EUR 151.9 million) on a harvest of 44,300 MT.

The company will host an extraordinary general meeting on 23 October, 2023, so its shareholders can vote on its planned merger with NTS, which it acquired in December 2022. NTS currently owns 13,691,960 shares in SalMar that, upon completion of the intra-group merger, will be transferred to SalMar.

“To facilitate a better capital structure in the SalMar group, the board of directors of SalMar has resolved to propose for the general meeting that SalMar's share capital is reduced by NOK 3.275 million (USD 298,291, EUR 283,317] from NOK 36.3 million [USD 3.3 million, EUR 3.1 million], to NOK 33 million [USD 3 million, EUR 2.8 million] by deletion of 13,100,000 own shares, conditional on completion of the intra-group merger with NTS,” it said in a release posted to the Euronext exchange, where its stock is listed.

SalMar’s stock price closed at NOK 545.60 (USD 49.70, EUR 47.21) on Thursday, 12 October. Its 52-week high is NOK 567.80 (USD 51.73, EUR 49.13), attained in September 2023, and its low over the past year is NOK 305 (USD 27.78, EUR 26.39), reached in October 2022.

Earlier this month, SalMar received confirmation from the Norwegian Food Safety Authority an outbreak of infectious salmon anemia (ISA) occurred at a farm it operates with Veterinærmedisinsk Oppadragssenter in Norway’s Flatanger municipality, in Trøndelag county. 

Photo courtesy of SalMar