Salmon farmer Grieg Seafood had an incredibly strong three months to June 30, with record prices and good biological performance resulting in the salmon producer's best ever quarter.

Operational earnings before interest and tax (EBIT) stood more than 22 times higher year-on-year at NOK 985.8 million (€101 million/$100.2 million) as the company accelerated its harvests to take advantage of rocketing market prices.

Revenue more than doubled to NOK 2,351 million (€240.8 million/$238.9 million) as harvest volumes rose 32.9 percent to 23,672 metric tons, giving EBIT per kilo of NOK 41.60 (€4.26/$4.23), up dramatically from NOK 2.40 (€0.25/$0.24) in the second quarter of last year.

"Due to the strongest market the industry has seen, coupled with solid production, I am proud to present Grieg Seafood's best result in a single quarter ever," said CEO Andreas Kvame.

Despite inflationary pressure, farming costs nudged down 4 percent to NOK 48.60 (€4.98/$4.94) although it is expected that higher feed prices in particular will gradually impact farming costs going forward.

Despite this, Grieg's ambition remains to be the cost leader in all regions where the company operates.

To achieve this, the company's priorities remain post-smolt, preventative farming practices, digitalization, integrated operations and by utilizing existing capacity.

Grieg's Norwegian farming operations delivered record results during the quarter. Results in both Rogaland and Finnmark were positively impacted by strong price realization from high average harvest weights and positive cost development.

Results in British Columbia on Canada's west coast were also solid, driven by good price achievement from value-added products (VAP), in addition to stable harvesting costs and good biological performance.

In Newfoundland in the east, fish recently transferred to the sea are said to be performing well, with high survival and no sea lice issues. Currently, two million smolt have been transferred, with harvest set to commence in late 2023.

Grieg adjusted its harvest volume for the year down 3 percent to 87,000 metric tons, due to an expedited harvest in Finnmark to capitalize on the strong market and the same measures in BC due to a risk of early maturation.

Of the total harvest volumes for 2022, Grieg expects to sell some 5-10 percent as VAP.