© Bakkafrost Scotland
Bakkafrost reported an operational EBIT of DKK 173 million for the third quarter of 2024. Revenues totalled DKK 1,737 million, with the Faroe Islands contributing DKK 1,420 million and Scotland adding DKK 317 million. The Faroese segment posted an operational EBIT of DKK 310 million, while Scotland’s operations saw a loss of DKK 138 million, primarily due to early harvests following an ISA virus outbreak in May.
Bakkafrost CEO Regin Jacobsen emphasised the strong biological performance in the Faroe Islands, citing impressive growth, low mortality, and increased harvest weights. "Our hatcheries have delivered excellent results, enabling increased smolt transfers this year and setting the stage for further growth in 2025," he said.
In Scotland, Bakkafrost’s efforts to reduce exceptional mortalities have paid off, with an 80 percent reduction year-on-year. Improved harvest weights and historically low sea lice levels highlight the success of the company’s de-risking strategy. The ramp-up of the Applecross hatchery remains a key focus for Bakkafrost’s Scottish contingent.
Low salmon prices throughout the quarter posed significant challenges, however Bakkafrost remains optimistic, expecting a stronger market environment in the first half of 2025. The company has set a harvest target of 100,000 tonnes for next year, with 15 percent earmarked for value-added product contracts.
