13,000 tonne quarter for prize-winning producer

Although the full Q3 report will not be published until November 3rd, today’s press release reveals that their northern operations yielded 3,900 tonnes, while their western operations produced 9,100.

Meanwhile feed sales were 27,000 tonnes in the quarter and Havsbrún – Bakkafrost’s fishmeal, fish oil and fish feed producing sister company – sourced 10,400 tonnes of raw materials.

Prizes, prizes

The Q3 report follows two recent awards for the company: which was deemed to be the Faroese Company of the Year 2015 and also received this year’s IR Stockman prize 2015.

The former award, decided by a jury appointed by the Faroese House of Industry, was due to: “The financial results of Bakkafrost as well as the forward-looking investments that Bakkafrost has made and will be making in the near future. Investments that are likely to increase efficiency, reduce risk and create new business opportunities.

“The jury also notes the initiatives undertaken in the environmental area. Bakkafrost is the first Faroese fish farming company to receive an ASC certification for one of its farming areas. Furthermore, Bakkafrost started cleaning its fish feed for environmental pollutants like Dioxin and PCB, even though the current level of pollutants are way below the threshold set by the authorities. All these investments are likely to position Bakkafrost even better in the top-segments of luxury brand salmon.”

The Stockman prize, in the category of small and medium sized listed companies in Norway, was awarded by the Norwegian Society of Financial Analysts. The jury in this case emphasized Bakkafrost’s open, reliable and consistent information; equal treatment of market participants; high standards on Annual Accounts and notes, statement of the Board of Directors; quarterly reports and ownership management together with company management.