First profitable quarter for Norcod
Published
Norwegian cod farmer Norcod had sales of NOK 89 million (£7.1m) in the third quarter of 2026, compared to NOK 37 million in the same period last year. The profit after tax ended at NOK 8.5 million.
According to the company, this is the first quarter with a profit.
“Delivering our first profitable quarter is an important moment for Norcod. We have spent several years building the foundation for a new industry through investments, development, learning and adjustments,” says chief executive Christian Riber in the quarterly report.
It is a relatively new phenomenon that cod farmers are making a profit. Riber emphasises to Fish Farming Expert’s Norwegian sister site, Kyst.no, that economic sustainability is crucial for further growth in the cod industry.
“But it is especially the good biological results that will help lift the industry in the future,” he says.
Lower production costs
The production cost in the sea phase was NOK 49.8 per kilogram of round weight in the quarter, down from NOK 55.6 in the second quarter. This corresponds to a decrease of just over 10%.
Norcod harvested 1,361 tonnes during the period. The superior share was 92.7%.
The company states that the cod, which is sold under the brand name “Snow Cod by Norcod”, achieved a price around 19% above the market average for fresh Norwegian wild cod.
Record biomass
At the end of September, Norcod had 6,732 tonnes of fish in the sea. This is an increase of 25% from the end of the second quarter.
The value of the biomass was NOK 475 million, up 27% from the previous quarter. The company reports good growth and strong biological results at all locations.
“With a record amount of fish in the sea, new locations under preparation and production growth on track, we are where we had planned to be,” says Riber.
Planning more locations
Norcod states that the stocking at its Labukta site will be completed early in the fourth quarter. The location will then have fish in ten cages.
At the same time, the new location Snyen is being prepared for the first launch in the fourth quarter. At Selsøy, the company plans to launch in the first quarter of 2027. This will bring the number of sea locations to eight.
Norcod has a production target of 25,000 tonnes in 2029.
At the start of the fourth quarter, the company also started production of fish oil at Kråkøy. According to Norcod, this increases fish utilisation to 98%.
