Reykjavik, Iceland-headquartered Iceland Seafood International (ISI) posted lower sales but higher profits in the first half of 2024, following up a tough 2023 that resulted in the firm declaring the need for a strategic pivot going into this year.
For H1 2024, ISI recorded group sales of EUR 212 million (USD 234 million), representing a 5 percent drop compared to the same period last year. Its H1 report advised that this decline was primarily due to lower sales in its Value-Added Southern Europe (VA S-Europe) division, driven by reduced prices and volumes.
VA S-Europe’s sales of nearly EUR 107 million (USD 118 million) were down EUR 6.6 million (USD 7.3 million) compared to H1 2023.
At the same time, the firm’s Sales & Distribution (S&D) division recorded an 8 percent drop in sales compared to last year, dipping to EUR 84.4 million (USD 93.2 million) mainly because no capelin quota was issued in 2024. Besides the absence of a capelin quota, the company advised it was pleased with S&D’s performance in the period, driven by robust sales from Iceland and sustained performance through the second quarter.
In its Value-Added Northern Europe (VA N-Europe) arm, higher sales prices led to a modest sales increase of 0.8 percent compared to the previous year – totaling EUR 26.7 million (USD 29.5 million).
Overall, ISI’s normalized profit before tax (PBT) for the six-month period increased by EUR 1.9 million (USD 2.1 million) to reach EUR 1.1 million (USD 1.2 million).
In a statement that accompanied the H1 report, CEO Ægir Páll Friðbertsson acknowledged that salmon prices were high in the six months to 30 June but the firm’s forecast for a decline in salmon prices by the end of the second quarter was accurate.
“We anticipate stable salmon prices throughout Q3 and the latter part of Q4,” he said.
Additionally, he said …
