Royal results for Norway farmer
NORWAY Royal Salmon (NRS) reported the highest operational EBIT (earnings before interest and tax) in the history of the company for both the final quarter of 2018 and the full financial year.
The fourth quarter EBIT was 232 million kroner, representing an EBIT per kg of NOK 17.73. The corresponding figures for the same quarter last year were NOK 95 million and NOK 15.51 million.
For the 2018 financial year, NRS announced operating revenues of more than NOK five billion and achieved an operational EBIT of NOK 642 million. The board is proposing a full year dividend of NOK 6.00 per share.
CEO Charles Høstlund said he was pleased with the results, pointing out that while operations in the larger Region North continued with a positive development in production costs, biological challenges in Region South were impacting on results.
Region North posted an operational EBIT of NOK 243.3 million in the quarter, compared with NOK 116.0 million for Q4 2017. Operational EBIT per kg gutted weight was NOK 20.20 compared with NOK 15.84 in Q4 2017.
But Region South posted an operational EBIT of just NOK one million in the quarter, compared with NOK 24.4 million in the corresponding quarter last year.
NRS said it harvested 13,783 tonnes gutted weight in the quarter, which is 52 per cent higher than a year earlier. Estimated harvest volume for 2019 is 38,000 tonnes, an increase of six per cent from 2018.