Norcod, Norway's largest cod farmer, reported improved earnings in the third quarter as the company gets closer to selling its farmed cod in 2021.

The company increased its total equity to NOK 147 million (€13.5 million/$16 million) at the end of the quarter thanks to several capital raising rounds.

Norcod reported an operating profit of NOK 1.1 million (€101,000/$120,000), but a slight post-tax loss.

The company has around 1.7 million fish in the sea in various locations in the Trondelag region of Norway.

In its startup phase, Norcod aims for an annual production of 6,500 metric tons of fish, while in the long term it plans for 25,000 metric tons. This is a far smaller volume than that produced by large salmon farmers such as Salmar and Leroy, but almost the size of medium-sized producers such as SinkabergHansen. But it also makes the company Norway's largest cod farmer.

Norcod has a revenue target of NOK 350 million (€32 million/$38 million) and pre-tax profit target of NOK 65 million (€6 million/$7 million) for 2021.

The cod farmer began trading its stock on Oslo Stock Exchange's lower cap Merkur market in October.

The company recently raised NOK 250 million (€23 million/$26.9 million) in a private placement that was oversubscribed multiple times, with both domestic and international investor interest, according to the company.