June 21, 2021

Norway-based Masoval sees record US$111.1 million revenue in 2020


Måsøval AS achieved a record revenue of kr928.1 million (US$111.1 million) and an all-time high pre-tax profits of kr242 million (US$29 million) last year, the Norway-headquartered salmon producer confirmed.


Måsøval produced 16,253 tonnes of head on gutted (HOG) salmon in 2020, up from 15,435 tonnes in 2019 and more than doubling its volume in 2017, making it one of the country’s fastest growing aquaculture companies.


"Operationally, 2020 was a very good year for Måsøval AS. We achieved all of the key goals set by the board in our action plan,” said the company’s chief executive officer, Asle Rønnin. "We have carried on the positive trends of recent years in 2020, and are maintaining good biological control."


This month, Måsøval announced that it would be seeking a listing on Euronext Growth on the Oslo Børs stock exchange, saying that the company has ambitions of further growth and aims to achieve a production volume of 28,500 tonnes of HOG salmon in 2027.


"Måsøval's ambition is to be one of the world's leading aquaculture companies. We have experienced strong growth in recent years thanks to our talented colleagues who have great expertise and who love the profession and the salmon. We are now looking forward to a new chapter in the company's history as a listed company," said Måsøval board chair Lars Måsøval.


Måsøval started farming fish in 1972, and has 120 employees at its facilities in Frøya, Kristiansund, Aukra, and Hustadvika, Norway.


- SeafoodSource