Måsøval delivers strong Q2-performance despite volatile market

The company recorded revenues of NOK 934 million in Q2 2024, up from NOK 804 million in the same quarter last year. While market prices for salmon fluctuated significantly throughout the period, Måsøval achieved an average price NOK 8 higher per kilo compared to Q2 2023.

- Salmon prices were a rollercoaster this quarter, commented Helge Kvalvik, CEO of Måsøval. 

- However, our strategic harvesting approach allowed us to capitalize on favorable market conditions and ultimately achieve higher prices compared to last year, he added.

Lower costs

Måsøval's farming segment delivered strong results in Q2 2024. The company achieved a significant reduction in farming costs, with realized costs reaching NOK 51 per kilo gutted weight (GWT) compared to NOK 63 per kilo GWT in the same quarter of 2023. This improvement, combined with higher selling prices, resulted in strong margins for the segment.

- I am very satisfied with the operational performance in the farming segment this quarter. The segment achieved strong margins driven by a combination of lower costs and higher prices, said Kvalvik.

Looking ahead

Måsøval is enthusiastic about the upcoming launch of its new harvesting plant, TL52, scheduled for September 2024. The company anticipates significant improvements in the value chain through tighter integration between its sales and processing segments.

- The new processing plant will provide increased flexibility, stability, and exciting new opportunities, stated Kvalvik. 

- We believe this investment will further solidify our position in the market.

Måsøval is guiding for an annual harvest volume of 26,500-27,500 GWT in 2024, reflecting an increase from the 24,500 GWT harvested in 2023.