Norwegian salmon farmer Eide Fjordbruk received four new salmon concessions from the government in 2016, leading to strong growth last year, according to the group's annual report.

Consequently, the number of licenses increased from five to nine, which is reflected in the 2017 results. Revenues increased by almost 80 percent to NOK 881.7 million (€92.7 million/$107.6 million), while the operating profit did not increase as smoothly, the company posted NOK 236.4 million (€24.9 million/$28.9 million) in earnings, resulting in an operating margin of 26.8 percent for 2017.

The company increased its harvest volume to 14,202 metric tons (round weight) in 2017 from 8,045 metric tons the year before.

The company sells all fish in the spot market, but considers price hedging on parts of the volume.

Among its initiatives, the company is taking steps to improve fish health, and noted it is working hard to reduce the level of lice in particular.

At year-end, the company had equity of NOK 356 million (€37.4 million/$43.5 million) and long-term debt of NOK 319.4 million (€33.6 million/$39 million). Its total balance was NOK 911.6 million (€95.8 million/$111.3 million).

The annual result after tax was NOK 178 million (€18.7 million/$21.7 million) last year. Of that, NOK 100 million (€10.5 million/$12.2 million) will be paid out as dividends.

The company is owned by Eide Holding with 93.14 percent, while Knut Frode Eide owns remaining shares.

Key Figures for Eide Fjordbruk (in NOK million)
	2017	2016	Endring
Revenues	881.7	495.6	77.9%
Operating profit	236.4	222.1	6.4%
Profit before tax	231.8	221	4.9%
Profit	178.5	168.2	6.1%
Operating margin	26.8%	44.8%	-40.2%

Finance

New licenses catapult salmon farmer Eide Fjordbruk's earnings