Arctic Fish’s profit 2.3 billion 2021

By Jordan Whittle - March 2, 2022
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Norðurbot

FEBRUARY 23, 2022

Arctic Fish ehf. presented results for 2021 and the fourth quarter of that year today. The company’s profit in 2021 was ISK 2.3 billion and the margin in the quarter before the payment of interest and taxes amounted to ISK 150 per kilogram sold (Operational EBIT per kg). Profit before interest and taxes (Operational EBIT) in the quarter amounted to ISK 407 million, which is ISK 592 million more than in the same period last year.

Arctic Fish reaps continued success in the fourth quarter of 2021. The company slaughtered and sold 2,900 tons of gutted salmon in the quarter and 11,500 tons for the year as a whole. That is 54% more than in the previous year and the most that the company has slaughtered in a whole year.

The high price of salmon was one of the main drivers of positive results in the quarter. The average sales price per kilo was ISK 838, compared to ISK 565 in the fourth quarter of 2020. The company sells the fish at a factory door in Bíldudalur and outsources the company’s sales activities. Increased production has also succeeded in reducing production costs, which has a positive effect on the company’s operations. Operating income for the year 2021 was ISK 8.8 billion and in the fourth quarter ISK 2.5 billion.

The company expects that the first quarter of 2022 will be difficult due to the production problems that have been in Dýrafjörður. About 3,000 tonnes of salmon have been lost, which is estimated to have a negative effect on the settlement of about ISK 1.5 billion.

Further information is provided by the company’s CFO, Neil Shiran Þórisson s. 831 5300

This press release was originally posted on the Arctic Fish website and translated to English