Grieg Seafood Group plans to ramp up its salmon harvest
Norwegian Grieg Seafood Group intends to increase its salmon production to 100,000 tonnes by 2020, according to a public statement made by the company.
These plans are encouraged by the fact that salmon prices have increased lately, contributing to higher revenues for Grieg Seafood Group, while in 2017 the production has remained stable at 62,600 tonnes.
Grieg Seafood Group operates four salmon aquaculture facilities in Rogaland and Finnmark (Norway), Shetland (United Kingdom) and British Columbia (Canada) and intends to increase production while also decrease costs below the industry average.
It said that this reduction would mainly be driven by better operational efficiency from higher volumes and improved biology, and that to secure longer-term growth, additional opportunities would be pursued, such as acquiring new capacity, acquisitions and joint ventures and the development of new concepts.
"Our objective is to ensure sustainable growth in the years ahead by combining great people, nature and technology. We believe salmon will be an increasingly important food source globally, and that Grieg Seafood will be able to create value for multiple stakeholders, including the communities in which we operate, our employees and shareholders, while we provide salmon to the world," said CEO Andreas Kvame.
Revenues recorded last year were over €700 million based on a larger harvest of 64,214 tonnes of salmon. In the second quarter of 2018, the company's operating income increased by 14% year-on-year to more than €235 million.
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