The third quarter of 2023 witnessed a continuation of the upward sales price trend for Nordic Halibut AS (“NOHAL” or “the Company”) on a year-over-year basis. NOHAL achieved an average sales price of 147 NOK/kg during the quarter, reflecting a 2% increase compared to the previous year. YTD sales price for 2023 is averaging at 160 NOK/kg, marking a 14% year-on-year growth.
The total revenue generated during the quarter amounted to NOK 17 million and harvest volumes ended at 131 tonnes (118 tonnes HOG).
Throughout the quarter, the Company has strategically harvested fish and units to align with the adjusted commercial focus communicated in the Q2 Interim Report towards larger sized fish and optimal size distribution. This resulted in a relatively low average harvest weight of 4.8 kg (4.3 kg HOG) in the quarter. The reduced harvest weight directly impacted the Company’s average pricing achievement with lower volume share sold at preferred size categories above 5 kg. Price levels for various size categories remained consistent with previous periods, which proves the continuous positive underlying market trends.
Harvest weights during the third quarter were lower compared to previous periods, resulting in a decreased volume share sold to the US market. Given the significant preference for larger-sized fish in the US market, this underscores the Company’s commercial strategy to maximize the potential of larger-sized harvests intended for this market and other prioritized markets. The average sales price to the US in Q3 concluded at 200 NOK/kg, albeit on a lower-than-usual volume share, which contributed to the overall reduction in the average sales price for the period.
In 2023, NOHAL aims to 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 Company will continuously evaluate to transfer some release volumes to 2024 to ensure optimal logistical solutions and batch sizes for fish to be released in sea. The production target for growth phase 1 will remain unchanged at 5 000 tonnes (4 500 tonnes HOG) in 2026.
For further information, please contact:
CEO Edvard Henden, firstname.lastname@example.org, +47 911 41 165, or
CFO Kenneth Meyer, email@example.com, +47 452 12 424