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Norwegian salmon processor optimistic after banner results

Trondheim-based group said 2018 was 'one of the best in the company's history.'

Trondheim-based salmon processor Isfjord Norway is coming off one of its best years ever, and with a new factory scheduled to open in Orkanger, Norway on Aug. 19, the group is bullish about the future.

The new factory cost NOK 190 million (€18 million/$16 million) to develop and will be roughly ​​6,800 square meters in size. It is expected to contribute to a substantial increase in revenue in 2019, around NOK 450 million (€43 million/$39 million).

"The new factory will provide significant rationalization gains and provide the basis for further growth. It is designed with an increase in capacity of 100 percent compared to the current plant,” the company stated in its annual report.

The company is owned by Chair Daniel Lund and General Manager Lars Krogh, who hold 20 percent and 80 percent of the group, respectively.

Lower prices, higher volumes

In 2018, revenues fell slightly compared to the previous year, despite an increase in volume of 3.8 percent. This was due to a decline in prices of finished goods by around 7.5 percent.

“Relatively high volumes have resulted in a correspondingly favorable development on the cost side," the company said in its annual results. "High volumes resulted in lower production costs and, generally speaking, there is a gradual increase in the processing rate."

The board said it was "well satisfied" with earnings and the development so far in 2019. Sales in the first quarter were up 81 percent from the same time last year.

Isfjord Norway, figures in million NOK

2018 2017 Change
Turnover 363.9 377.2 -3.6%
Operating Profit 10.8 13.1 -17.6%
Result before taxes 8.1 10.4 -22.1%
Net income 7.1 8.2 13.4%
Operating margin 3.0% 3.5% -14.5%

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