Grieg Seafood ASA ( (GRGSF) ) has released its Q3 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 company in the aquaculture industry, focusing on sustainable salmon farming across various regions, including Norway and Canada. The company’s emphasis on operational efficiency and environmental responsibility sets it apart within the sector.
In the third quarter of 2024, Grieg Seafood faced a challenging financial period with an operating loss of NOK 175 million, despite achieving a record-high harvest volume of 17,806 tonnes. The quarter was marked by significant production achievements in Norway, but these were overshadowed by operational difficulties in British Columbia due to environmental factors.
Key financial metrics reveal a decrease in revenue per kilogram and overall sales revenues, attributed to seasonal price variations and biological challenges. The company’s operational EBIT was notably impacted by the negative performance in British Columbia, which experienced an algae bloom. Meanwhile, the Norwegian regions of Rogaland and Finnmark reported more stable production costs.
Looking forward, Grieg Seafood is committed to sustainable growth and operational improvement, with plans to enhance cost efficiency and biological control measures. The company aims to expand its harvest volumes and maintain a focus on sustainability, leveraging strategic partnerships in Canada to mitigate risks and capitalize on growth opportunities.
