Russia’s largest salmon farmer recorded a significant increase in revenue and net profit for 2023 as domestic demand bounced back strongly.

Inarctica, which accounts for about a fifth of Russian aquaculture production by volume, said its net profit rose 27 percent to RUB 15.5 billion (€155 million/$168.7 million) last year.

Revenue rose 21 percent to RUB 28.5 billion (€285.1 million/$310.2 million) in the same comparison.

"In 2023, we observed a recovery in demand in the Russian salmon market, both in value and volume terms," CEO Ilya Sosnov said in a statement.