January 15, 2024

Nordic Halibut reports surge in Q4 revenues driven by strong product pricing

Nordic Halibut, a premium Norwegian white fish farming company, has announced a significant increase in revenues for the final quarter of the previous year, primarily attributed to higher prices achieved for its farmed halibut, averaging NOK 165 (US$16.03) per kg for 5 kg fish, Fish Farmer reported.

During Q4, Nordic Halibut noted that halibut in size categories above 5 kg commanded an impressive price of NOK 185 (US$17.97) per kg, emphasising the strategic importance of larger-sized fish and an adjusted commercial focus in response to market dynamics. The average sales price throughout the entire year 2023 stood at NOK 161 (US$15.94) per kg, showcasing an impressive 8% year-on-year growth.

The total revenue generated for the quarter reached NOK 25 million (US$2.4 million), contributing to a full-year 2023 revenue of NOK 102 million (US$9.9 million), marking a substantial 27% year-on-year increase.

Harvest volumes for the quarter totalled 161 tonnes (145 tonnes heads on gutted), with cumulative harvest volumes for the full year 2023 reaching 691 tonnes (621 tonnes HOG). The company said its strategic focus is to ensure a favourable distribution of harvest weights during the quarter, aligning with its commercial strategy aimed at increasing harvest weights in future periods.

Nordic Halibut's commitment to long-term goals is evident in its prioritisation of optimising the utilisation of available biomass, even if it involves potential impacts on short-term harvest volumes. Additionally, the company achieved an all-time high release of 794,500 fish into its sea farms in the previous year.

-       Fish Farmer