Grieg Seafood made pre-tax loss of £193m last year
Salmon farmer was impacted by operational and biological challenges across several regions
Norway and Canada salmon farmer Grieg Seafood made a pre-tax loss of NOK 2.680 billion (£193.3 million / CAD 356.7m) for 2024, amended by NOK -70m from the Q4 2024 reporting date, where NOK -2.610bn was reported.
The net loss for the year (after tax) is NOK 2.451bn, amended by an income of NOK 200m compared to the Q4 2024 report, where a net loss of NOK 2.651bn was reported for the year 2024.
The two changes from the Q4 2024 report were caused by an increase in the impairment of assets by NOK 70m and reduced income tax expenses of NOK 270m. The net profit change for the year 2024 of NOK 201m resulted in a positive change in equity, which increased from NOK 3.851bn to NOK 4.052bn.
The figures are included in Grieg’s Integrated Annual Report 2024, published today.
Sharpened focus
In a letter to shareholders in the report, interim chief executive Nina Willumsen Grieg states that the company has entered 2025 with renewed momentum and a sharpened strategic focus.
“While 2024 was marked by operational and biological challenges across several regions, it was also a year in which we laid the foundation for long-term resilience and profitable growth,” writes Nina Grieg.
“I am proud of the way the organisation is responding to the uncertainty in North America, our financial transition, and organisational changes. I am confident that the transformation agenda now under way is the right path forward.”
Grieg farms salmon in Finnmark and Rogaland in Norway, and in British Columbia and Newfoundland in Canada. The company harvested 54,530 gutted weight tonnes in Norway last year, and 23,173 gwt in Canada - 12,499 gwt of which was grown in BC.
The Canadian government’s decision to ban open net pen salmon farming in BC from the end of June 2029, and a shortage to cash to develop operations in Placentia Bay, NL, means that Grieg is prioritising investment in Norway.
Norway first
“Our top operational focus is restoring profitability in Finnmark, aiming to mirror performance of Rogaland. As we continue to execute on our transformation agenda, we plan to intensify and dedicate our focus to financially driven initiatives,” writes the interim CEO.
Grieg Seafood intends to advance its post-smolt strategy across the group, with Rogaland continuing to refine and capture the proven benefits, and Finnmark completing its new post-smolt facility, says Grieg.
The company will stabilise biological performance in Norway by reallocating capital expenditure from Canada, allowing for proactive maintenance and increased capacity to manage biological challenges, and ensure a more efficient operation at lower production cost.
In Canada, it will maintain strategic position “while adapting to a transitional period with increased political uncertainty”. Cost control will be a priority, ensuring operations can continue at lower volumes without accumulating significant financial losses.
Grieg Seafood also intends to expand its value-added processing (VAP) capacity by 12,000 tonnes in Q4 2025 to capture greater value from harvested volumes.
