In Q2 Arctic Fish was in recovery mode after the Q1 incident. The company made advances with license applications as well as securing the long term harvesting volume, which included finalizing a strategic cooperation in Isafjardardjup. With the agreement in Isafjardardjup the planned output structure was secured as well as a new site in Arnarfjordur that was started in the quarter.
Markets were strong in the quarter which resulted in high prices, but the price achievement was affected negatively with the high percentage of the sold volume being sold through fixed price contracts that were lower than the spot prices. The price achievement was 84.6 NOK pr. kg. The production cost amounted to 47.7 NOK pr. kg which is slightly higher than the costs in the previous quarter. A farming EBIT margin of 36.8 NOK pr. kg harvested was achieved, the best performance the company had since the start of 2021.
Within the quarter the company harvested 1,029 tonnes, a significant decrease compared to the same period last year. The revenue amounted to 87 MNOK and an operational EBIT of 36 MNOK in the quarter. The company continued to invest in its growth projects, both the smolt expansion in Talknafjordur and the harvesting facility in Bolungarvik. Total capital expenditure amounted to 97 MNOK in the quarter.
The company expects to harvest 10,600 tonnes of salmon throughout the year. The company will also invest more in its growth projects over the next couple of months and thus securing larger parts of the value chain, improving operational scale, mitigating biological risk, and ultimately increasing overall competitiveness.
The presentation materials and an interim report are attached to this notice and can also be found on the company website.
https://www.arcticfish.is/investor-relations/ and
https://www.arcticfish.is/presentations/
A recorded presentation is also available via the company website and questions from investors should be sent to ir@arcticfish.is, and questions will be answered as soon as possible and subsequently posted on the company website.
If investors want to schedule a meeting with management and for further general information, please contact:
Neil Shiran Thorisson
Email: nst@afish.is
Tel: +354 8315300