Norway's AKVA Group achieves good results in Q3 2017
The aquaculture equipment company had an order intake of 546 million kroner (57.6 million euros), up from 417 million kroner (44 million euros) in Q3 2016, and its revenue increased to 484 million kroner (51 million euros), up from 354 million kroner (37.3 million euros) in Q3 2016, with an EBITDA of 61 million kroner (6.4 million euros) up from 38 million kroner (4 million euros).
Furthermore, the company's third quarter EBITDA margin was 12.6% (up from 10.8% in Q3 2016), while its Net Profit increased to 26 million kroner (2.7 million euros) compared to 11 million kroner (1.1 million euros) in Q3 2016.
The company also said that in the third quarter as in the one before its revenue and margins increased in the cage based segment compared to the same period last year, with the Norwegian market as the main driver to the growth. The acquisitions of AD Offshore and Sperre, done in Q2 and Q4 2016, contributed to the growth in revenue and EBITDA.
AKVA Group experienced a further positive development in the Americas region with a quarterly revenue of 97 million kroner (10.2 million euros), up from 39 million kroner (4.1 million euros) last year. All the company
s entities in Americas had a stronger quarter than last year in terms of revenue, and order intake ended at a very strong 91 million kroner (9.6 million euros) compared to 37 million kroner (3.9 million euros) in Q3 last year.
For EME (Europe & Middle East), the subsidiary in Scotland had a strong Q3, with a positive development in order intake, revenue and EBITDA compared to last year. The company's Turkish operation is stable and they are ramping up activities in Spain, Greece and Iran.
The company's land-based aquaculture operations also reported a rise in revenue and EBITDA. Plastsveis and Aquatec Solutions had a good quarter and the cost reduction initiated in AKVA group Denmark in 2016 has given positive effect.
In partnership with the companies Sinkaberg-Hansen AS and Egersund Net AS, AKVA group ASA established Atlantis Subsea Farming AS on February 1st, 2016 with the purpose of developing submersible fish-farming facilities for salmon on an industrial scale. Atlantis Subsea Farming AS applied for six development licenses to enable large-scale development and testing of the new technology and operational concept.
"The Norwegian Directorate of Fisheries did inform the company that the concept has progressed another step in the process to be awarded development licenses. The Directorate will go ahead with processing the application limited to 2 licenses, but have rejected the application in terms of the other 4 permits applied for. On May 9th, 2017 the company appealed the decision for 2 of the 4 rejected licenses. On June 16th 2017 the Directorate forwarded the appeal to the Norwegian Ministry of Trade, Industry and Fisheries, for their final decision," the AKVA group statement read.
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