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Norcod Reduces Q1 2024 Production Costs, Secures Extra NOK 75 Million Credit

Norwegian cod-farming firm Norcod announced a decline in production costs for Q1 2024 and successfully obtained an extra NOK 75 million (USD 7 million, EUR 6.5 million) in credit to support forthcoming expansions.

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Norcod Reduces Q1 2024 Production Costs, Secures Extra NOK 75 Million Credit
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Norcod, a Norwegian cod-farming company, has reported a reduction in production costs and an increase in credit to fund expansions. Production costs per kilogram decreased to NOK 39.75 (USD 3.73, EUR 3.46) from NOK 42.42 (USD 3.98, EUR 3.70) in Q1 2023. Overall production costs for Q1 2024 totaled NOK 109.9 million (USD 10.3 million, EUR 9.6 million), down from NOK 142.6 million (USD 13.4 million, EUR 12.4 million) in Q1 2023, leading to a reduction in operating expenses to NOK 166 million (USD 15.6 million, EUR 14.5 million) from NOK 213 million (USD 19.9 million, EUR 18.6 million).
However, decreased harvests resulted in lower revenue of NOK 118.4 million (USD 11.1 million, EUR 10.3 million), down 5 percent from Q1 2023. Despite the lower revenue, reduced costs led to decreased operating losses of NOK 48 million (USD 4.5 million, EUR 4.2 million) from NOK 88 million (USD 8.3 million, EUR 7.7 million) in Q1 2023, although net losses increased.
Norcod's biomass at sea has significantly increased, reaching 6,599 metric tons (MT) in Q1 2024 compared to 3,784 MT in Q1 2023. The company secured an additional NOK 75 million (USD 7 million, EUR 6.5 million) in credit from its main bank, DNB, and Export Finance Norway, demonstrating confidence in Norcod's strategy. Norcod CEO Christian Riber and CFO Arne Kristian Hoset expressed gratitude for the bank's support and highlighted the company's efforts to improve financial capacity.
Norcod's vision remains focused on providing stable deliveries of high-quality cod year-round and expanding into the Chinese market. The company emphasizes the importance of continued focus on cod biology, production processes, and market development to achieve long-term goals.
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