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Record quarter for Marine Harvest

Rob Fletcher
Rob Fletcher
01 November 2017, at 7:53am

The world’s largest salmon producer, Marine Harvest, has achieved its best ever Q3 financial performance, despite iits farms being adversely affected by biological challenges in Norway.

The group achieved an operational EBIT of EUR 194 million in the third quarter of 2017, up from EUR 180 million in the corresponding quarter of 2016. Supported by the good results, a strong market outlook, and a solid financial position, the Board has proposed a quarterly dividend of NOK 3.40 per share.

“Driven by high salmon prices on strong demand and improved contributions from our sales contracts, we achieved record high operational results in the third quarter,” says CEO Alf-Helge Aarskog.

“It is encouraging to see that costs decreased for our farming operations in Norway, Chile and Canada in the quarter. Marine Harvest continues to have the utmost focus on cost reduction throughout the organization,” Aarskog adds.

Marine Harvest Group reported operational revenues of EUR 868 million (EUR 850 million) in the third quarter of 2017. Total harvest volume was 95,338 tonnes in the quarter (97,215). Harvest guidance for 2017 has been reduced to 369,000 tonnes because of biological issues in Norway.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.24 (1.98) in the third quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 2.33 and EUR 1.73 respectively (EUR 0.60 and EUR 2.63). Salmon of Chilean origin reported operational EBIT per kilo of EUR 1.30 in the quarter (EUR 1.43). MH Feed reported an operational EBIT of EUR 9.4 million (EUR 12.4 million). MH Consumer Products reported an operational EBIT of EUR 10.4 million (EUR 2.6 million). 

“I am also pleased to see that our value-added production continues its improvements in a challenging quarter,” says Aarskog.