Pelagia posts strong first quarter despite fishing access issues


Falling spring spawning herring and mackerel quotas led to a slight decrease in raw material availability for Bergen, Norway-based pelagic fishing company Pelagia AS in the first quarter of 2022, while uncertainty remains whether a fishing agreement can be concluded between Norway and the United Kingdom which would give it access to the British fishing zone.

The absence of such an agreement could lead to a repeat of the 2021 season, when the Norwegian fleet didn’t have his usual access. As such, the season started earlier – in the third quarter of 2021 – when the fish was available in the Norwegian fishing ground, but Pelagia said that normally this reduces the quality of the raw material and lowers the price. for the fishing fleet.

According to the company’s first quarter 2022 financial report, it had revenues of just over 2.2 million NOK (225,000 USD, 216,000 EUR) for the first quarter of 2022, or 113,000 NOK (12 000 USD, 11 00 EUR) less than in the corresponding period of 2021.

Its earnings before interest, tax, depreciation and amortization (EBITDA) for the period was NOK 184 million (USD 18.8 million, EUR 18 million), compared to NOK 133 million (USD 13.6 million, EUR 13 million) in the first quarter of 2021, while its pre-tax profit increased by NOK 28 million (USD 2.9 million, EUR 2.7 million) to NOK 74 million (USD 7.6 million, EUR 7.2 million).

Pelagia said the war in Ukraine could “in particular” increase the risk to operations in Pelagia’s Food division, while for its Feed segment, the increase in capelin quota offset the reduction in whiting feedstock. blue. It said market demand seen by its Healthcare division is expected to remain “strong” in 2022.

Feed generated 122,519 metric tons (MT) of feedstock during the quarter (128,248 MT in Q1 2021), while Feed’s feedstock volume was 255,728 MT (221,854 MT in Q1 2021).

On March 28, 2022, Pelagia signed an agreement with Arne Stang AS to buy 100 percent of the shares of Norsk Fiskeindustri Invest AS (NFI). NFI owns 51.05% of the shares of Karmsund Protein AS, a fishmeal and fish oil producer. The execution of the agreement is subject to the approval of the Norwegian Competition Authority.

Pelagia AS is a 100% subsidiary of Pelagia Holding AS.

In 2021, Pelagia took full ownership of fellow Norwegian Hordafor AS, which uses by-products from the salmon farming industry to produce oil and protein.

Photo courtesy of Pelagie


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