Norwegian salmon farmer Eidsfjord Sjofarm experienced a strong 2018, reversing the trends from the previous year that had seen a slight decline in earnings.
Eidsfjord generated NOK 328 million ($38.6m) in pre-tax profit during 2018, up 16.6% on the previous year’s value.
In total, the company saw revenue of NOK 801m over the year, marginally up on 2017’s tally of NOK 797.6m. From this, Eidsfjord produced an operating profit of NOK 320.4m, down on 2017’s NOK 352m, largely due to increased expenditure on wages and salaries (up 108% y-o-y).
By the end of 2018, Eidsfjord have total assets of NOK 1.27 billion, where NOK 728m is equity. The Eidsfjord board has also opted to pay out a dividend of NOK 30.5m for the 2018 financial year, up from NOK 18.7m in 2017.
Eidsfjord is primarily based in Norway’s northernmost Nordland region, where it operates 11 salmon licenses divided into three production areas. The firm estimates its annual production at roughly 16,000 metric tons.
The firm forms part of the Holmoy Holding group, which operates the trawling firm Prestfjord and the cold storage warehouse Myre Fryserterminal, as well as Eidsfjord.
According to the Holmoy website, Eidsfjord has “25 permanent employees working at various localities in Sortland, Hadsel and Oksnes in the county of Nordland, as well as at Torsken, Skjervoy, and Nordreisa in the county of Troms.”
Although Eidsfjord sends its fish to Nordlaks and Arnoy Laks Slakteri for processing, the firm handles the distribution side of the business itself, selling salmon across Europe via its own export company.