Grieg Seafood ASA ( (GRGSF) ) has released its Q4 earnings. Here is a breakdown of the information Grieg Seafood ASA presented to its investors.
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Grieg Seafood ASA is a prominent player in the aquaculture industry, primarily involved in the farming of Atlantic salmon across Norway, Canada, and Newfoundland, with a focus on sustainable seafood production.
Grieg Seafood ASA’s latest earnings report for Q4 2024 reveals a challenging quarter with mixed results across its operational regions. The company reported an operational EBIT loss of NOK 74 million, impacted by biological challenges and political uncertainties in Canada. The harvest volume increased by 8% compared to Q4 2023, reaching 23,551 tonnes, despite difficulties in Finnmark due to a jellyfish attack.
The quarter saw varying performances across regions. Rogaland showcased strong results with a 274% increase in harvest volume, achieving an operational EBIT per kg of NOK 14.1. In contrast, Finnmark faced a challenging quarter with a negative operational EBIT per kg due to the jellyfish incident. British Columbia did not harvest in Q4, focusing on biomass growth amid political uncertainties and regulatory challenges. Newfoundland saw improved harvest volumes but still operated at a loss.
Looking ahead, Grieg Seafood is implementing strategic measures to enhance financial flexibility, including a potential hybrid bond issuance and sale-leaseback agreements in Finnmark. The company aims to achieve sustainable and profitable growth by leveraging its strong asset base in Norway while navigating uncertainties in Canada. The management remains committed to its transformation agenda, focusing on improving operational stability and cost efficiency.
Grieg Seafood’s outlook for 2025 is cautiously optimistic, with a target harvest volume of 84,000 tonnes. The company anticipates growth from its Norwegian operations while managing challenges in its international endeavors. With strategic financial restructuring and operational improvements underway, Grieg Seafood aims to align its performance with long-term strategic goals.
