The past few days have seen some of Norway's largest salmon producers publish their interim reports. For several of them, it's also been quite gloomy with profit misses and various challenges.
One of the companies, Grieg Seafood, has fallen around 16 percent on the Oslo Stock Exchange – the largest decline since 2022 – following a profit miss during the quarter.
However, that's not the only challenge. The cost situation has made consumers more cautious about serving salmon at the dinner table. Additionally, the company's operations in Canada have been negatively affected by poor oxygen levels in the water at the facilities, resulting in negative impacts in the form of higher mortality rates and reduced growth.
The situation is even worse for competitor Atlantic Sapphire, which announced on Tuesday evening that it is being forced to make a new share issue of 600 million Norwegian kronor. The issue has been set at a price level of 0.10 Norwegian kronor, i.e., 98 percent below the current price level.
The news has caused the stock to plummet, and it has fallen 76 percent on the Oslo Stock Exchange during today's trading. Among the company's shareholders is Strawberry Capital, owned by hotel owner Petter Stordalen.
For the Norwegian salmon industry as a whole, it's been a gloomy summer. In June, export revenues fell by more than two billion Norwegian kronor.
