Averøy, Norway, 12 July 2023
Nordic Halibut AS (“NOHAL” or “the Company”) achieved an average sales price of 155 NOK/kg in Q2 2023, representing a year-on-year increase of 7%. Average sales price in H1 2023 ended at 164 NOK/kg (+18% YoY). The Company is witnessing a growing willingness-to-pay and acceptance for farmed halibut in key export markets. As awareness of the outstanding qualities and attributes of farmed halibut products continues to rise, the price differential against wild halibut products also continues to widen. The average export sales price for Nordic Halibut’s products during the quarter reached 171 NOK/kg, marking a 13% YoY increase, while the average export sales price for wild halibut from Norway stood at 109 NOK/kg, resulting in a price differential of 57%.
The established price level indicates strong potential for higher prices for farmed halibut. Ongoing assessments of long-term strategic considerations will determine the allocation of biomass held at sea between periods, aiming to create a strong market presence and achieve optimized prices and revenue. Notably, larger-sized halibut, particularly those sold at 7-9 kg and 9 kg+, are yielding higher sales prices. Consequently, the Company’s strategic commercial focus in the upcoming periods will prioritize achieving favorable prices and establishing a strong market presence.
In line with the strategic harvest plan for 2023, the company decreased it’s Q2 harvest volume to ensure optimal utilization of biomass in H2 2023. During Q2 2023, NOHAL harvested 151 tonnes (135 tonnes in head-on-gutted (HOG) weight), with an average harvest weight of 5.2 kg (4.7 kg HOG). Total revenue for the quarter amounted to NOK 21 million.
In 2023, NOHAL will release 1 million fish into the sea, equivalent to the growth phase 1 production target of 5 000 tonnes (4 500 tonnes HOG) to be harvested within 2026. The achievement of the 2023 release milestone will significantly reduce the risks associated with the 2026 production target. The Company reiterates the harvest volume guiding for 2023 at 1 200 tonnes (1 080 tonnes HOG).
For further information, please contact:
CEO Edvard Henden, edvard@nordichalibut.no, +47 911 41 165, or
CFO Kenneth Meyer, kenneth.meyer@nordichalibut.no, +47 452 12 424