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Norway's Seaborn doubles operating profit

The salmon exporter rakes in a significantly higher profit thanks to higher prices. 

Bergen-based Norwegian salmon exporter Seaborn reported a strong 2016 financial year, largely because of significantly higher salmon prices.

Operating profit doubled to NOK 43 million (€4.6 million/$5.1 million) year-on-year, while revenues hit NOK 3.9 billion (€413 million/$461.6 million).

Seaborn's operating margin increased to 1.1 percent in 2016, from 0.7 percent the year before.

"I am very pleased with the result and that we are able to pay NOK 16 million (€1.7 million/$1.9 million) in dividends to shareholders -- and not at least one good bonus to all those at Seaborn for the effort done," Frank Yri, vice president of Seaborn, told IntraFish.

Volumes declined slightly year-on-year, he said, but earnings nevertheless improved.

And 2017 is shaping up to be yet another good year, Yri said.

Yri is the second largest shareholder in Seaborn, with a stake of just more than 13 percent. Bru Eigedom (Steinvik Fiskefarm), owned by Alex and Inge Helge Vassbotten, is the largest shareholder with 25 percent, while Osland Havbruk owns 9.6 percent of the shares.

At year-end, the group had an equity of NOK 114.7 million (€12.1 million/$13.6 million). Total debt amounted to NOK 520.5 million (€55.1 million/$61.6 million). At the same time, the company had outstanding receivables of NOK 577.9 million (€61.2 million/$68.4 million).

Key figures for Seaborn (figures in million NOK)

2016 2015 YOY Change
Revenues 3,847.6 3,185.9 20.8%
Operating profit 43.2 21.4 101.9%
Result before tax 39 13.4 191%
Profit 29.3 9.4 211.7%
Operating margin 1.1% 0.7% 67.2%

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