Strong Financial Performance And Strategic Growth Initiatives

SalMar: A Leader in Sustainable Salmon Farming

Strong Financial Performance and Strategic Growth Initiatives

SalMar ASA (OTCPK: SALRF), a global leader in sustainable salmon farming, recently reported strong financial results for the second quarter of 2024. The company's profit after tax reached NOK 900 million (approximately EUR 84 million), while total assets grew to NOK 529 billion (approximately EUR 49.6 billion).

Key Developments and Growth Plans

SalMar's success is driven by its commitment to sustainable practices and a focus on innovation. The company plans to increase smolt releases, a key factor in increasing salmon production, and acquire more maximum allowable biomass (MAB) capacity to expand its farming operations.

In 2022, SalMar became the world's second-largest salmon farmer through a series of mergers and acquisitions, including its acquisition of NTS ASA. These strategic moves have strengthened SalMar's market position and provided economies of scale.

Strong Financial Performance

SalMar's financial performance in the fourth quarter of 2023 was equally impressive. The company posted an operational EBIT (Earnings Before Interest and Taxes) of NOK 2158 million (approximately EUR 1898 million), a significant increase from the previous year.

Understanding EBIT

EBIT is a measure of a company's net income before interest expenses and income taxes are deducted. It provides insights into a company's operating profitability, excluding non-operating expenses and financial charges.

Earnings Conference Call Details

Interested investors and analysts can join SalMar ASA's Q2 2024 earnings conference call on August 20, 2024, at 4:00 AM ET. Chief Executive Officer Frode Arntsen will provide an overview of the company's financial results and strategic outlook.