SalMar ASA (SALRF,SALM.OL) Thursday revealed lower second quarter profit, impacted by lower market prices and continued high costs. Revenue, however, rose from last year. The company also announced a share buyback program not exceeding 65 million Kroner.
The Norwegian fish farm company posted profit of 146 million Norwegian Kroner or 1.5 Kroner per share in the second quarter, down from 900 million Kroner or 6.5 Kroner per share in the same period last year.
Pre-tax profit was 190 million Kroner in the three-month period, compared to 1.48 billion Kroner in the year-ago quarter.
According to SalMar, second quarter operating revenues climbed to 6.18 billion Kroner from 5.84 billion Kroner in the corresponding quarter of 2024. The company's operating EBIT fell to 524 million Kroner in the quarter from 1.38 billion Kroner a year ago.
Looking ahead, SalMar raised its volume guidance for fiscal 2025 to 298,200 tons in 2025 due to strong biological performance in northern Norway and the inclusion of Wilsgård.
Separately, the company's Board of Directors announced a share buyback program, which will run from August 21 to September 30, covering the repurchase of up to 100,000 shares with a total consideration not more than 65 million Kroner. The buyback is intended to support the share-based incentive programs for employees, SalMar added.
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