Norway-based seafood group Austevoll Seafood posted an increase in both revenue and earnings during the first quarter of 2023 due to strong fish prices and a weak Norwegian currency.
The group reported NOK 8 billion (€692 million/$754 million) in revenue and NOK 1.2 billion (€103 million/$113 million) in operating earnings before interest and tax (EBIT), corresponding to an increase of 22 percent and 10 percent, respectively, from the same quarter last year.
The group reported NOK 1.2 billion (€103 million/$113 million) in profit after tax, up from NOK 1 billion (€866 million/$946 million) during the same period last year.
Austevoll Seafood reported a seasonally low harvest volume of salmon during the first quarter, and the overall low harvest volumes led to significantly higher prices at the start of 2023 compared to last year.
Austevoll group companies
Austevoll group's expansive footprint includes salmon farming and whitefish giant Leroy Seafood Group, South American fishmeal producers Austral Group and Foodcorp, and the jointly held North Atlantic pelagic giant Pelagia.
Leroy Seafood, Austevoll's largest company, reported earnings before interest and taxes (EBIT) of NOK 989 million (€85.6 million/$93.3 million) in the quarter, while the group’s revenue also increased 26 percent to almost NOK 7 billion (€603.4 million/$657.4 million). The figures were lower than expected.
Austral Group reported revenues of NOK 465 million (€40 million/$43 million) and a loss of NOK 9 million (€778,000/$847,000), the result of lower sales volumes for finished products.
Foodcorp, meanwhile, reported revenue of NOK 282 million (€24 million/$26 million) and operating earnings of NOK 110 million (€95 million/$103 million), which corresponds to an increase of 49 percent and 46 percent, respectively, compared to the same period last year.
Income before fair value adjustment from the group's largest two associates, Norskott Havbruk and Pelagia Holding, increased during the quarter to NOK 75 million (€6.5 million/$7 million), up from NOK 59 million (€5.1 million/$5.6 million).
Austevoll's affiliates Pelagia and Norskott Havbruk turned in mixed results. While higher sales and cost control lifted Pelagia, salmon farmer Norskott continued to feel the impact of challenging growing conditions in the second half of last year.
