Farming operations at an Ice Fish Farm site in east Iceland.

Better Q4 for Ice Fish Farm

Icelandic salmon producer harvested more fish and made more money than in same period the year before

Published Last updated

Icelandic salmon farmer Ice Fish Farm made an operating profit of NOK 12.9 million (£1.03 m) for the fourth quarter of 2022, turning around a NOK 0.2 m loss in the same period in 2021.

EBIT per kilo amounted to NOK 4.1 (Q4 2021: NOK -0.1 kroner).

The company, which is majority-owned by Norwegian salmon farmer Måsøval Eiendom AS, increased its harvest volume in Q4 2022, reaching 3,150 tonnes (1,823 tonnes). The fish had an average weight of 3.3 kg. Harvest volume for the full year was 11,300 tonnes, and operating profit for 2022 was NOK 31.68 m (NOK 23.147 m).

Lower harvest

The harvest will be lower this year, but the company intends it to be much higher in 2024 and 2025.

“At the end of the year, we had over 5.8 million fish in the sea of generation 2022 and total biomass of 5,560 tonnes. Generation 2022 is now spread over two fjords into two production zones and four sites,” the company said in its Q4 2022 interim report.

“All the cages have been updated with stronger nets and improved setup. All sites are fed from a centralised feeding centre. Fish have grown well after arriving to sea, our biggest fish reached over 3kg at year end as planned and harvest is planned in Q3 2023.

“The aim of the company is to produce 18,000 tonnes of live weight and slaughter 6,000 tonnes in 2023.”

The harvest volumes are planned to increase significantly to about 20,000 tonnes in 2024 and about 30,000 tonnes in 2025.

Stronger smolts

Ice Fish Farm operates its own smolt facility and is focused on increasing the robustness of the fish it stocks in its pens.

“Robust smolts perform better in the sea and we see clear difference on FCR (feed conversion ratio) and growth,” said the company.

Smolt output for 2023 is expected to be 6 million at the average weight of 300 grams and about 7 million for 2024.

“Upon finalisation of expansion and improved quality processes in 2024, total smolt capacity is expected to be up to 8 million of average size of close to 400 grams, which corresponds to a potential harvest of 30,000 tonnes of HOG (head-on, gutted) salmon, and we assume this volume can be increased up to 33 – 35,000 tonnes with improved production,” concluded the company.

Ice Fish Farm had a stronger Q4 in 2022 than the year before, although EBIT per kilo last year was lower than in 2021.