Inarctica, Russia’s largest salmon farming company, said Tuesday its net profit hit a record high RUB8.6 billion (€83.3 million/$90.1 million) in the first six months of 2023, up 4 percent over this time last year.

However, the company’ sales volume declined 13 percent year-on-year to 13,680 metric tons, with revenue falling 10 percent to RUB12.9 billion (€125.0 million/$135.2 million).

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 24 percent through June to RUB6.2 billion (€60.8 million/$65.8 million).

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“Sales, revenue and adjusted EBITDA in the first half of 2023 were below the record levels of 2022, which were formed by a sharp increase in sales prices and historically low cost of fish,” the company said.