Proximar Seafood reports strong Q4 despite reduced harvest
NORWAY – Proximar Seafood is ending 2024 with solid financial results, reporting strong fourth-quarter earnings despite production setbacks.
The Norwegian company, which operates a land-based salmon farm in Japan, achieved premium prices for its locally raised Atlantic salmon, selling at US$11.40 (NOK 123) per kilogram.
This price is significantly higher than imported Norwegian salmon, according to the company’s latest financial report.
Proximar harvested 28 tonnes of salmon during the quarter, with an average fish weight of 4.2 kilograms.
Nearly all the harvested fish, 99.7%, met the highest quality classification, which the company says reflects stable farming conditions.
The total biomass grew to 1,058 metric tonnes, marking a 45% increase compared to the previous quarter.
Proximar CEO Joaquim Nielsen said customer response has been positive, reinforcing demand for their domestically produced Atlantic salmon.
The company launched its first production facility near Mount Fuji with the goal of supplying fresh, high-quality salmon to the Japanese market.
Nielsen stated that Proximar is now delivering on this commitment and expects to increase production in 2025.
Production Challenges and Outlook
Despite the strong financial results, Proximar faced operational challenges in the fourth quarter due to two biofilter incidents.
The company reported that it resolved the issue without any fish mortality, though the incidents led to a reduced harvest forecast.
Water system turbidity problems were also addressed, and Proximar does not anticipate similar disruptions moving forward.
Fish survival rates remained high at 98%, which the company attributes to stable growing conditions.
Looking ahead, Proximar plans to harvest between 3,500 and 3,800 tonnes of salmon in 2025.
The company also expects to achieve positive operational earnings in the first half of the year.
Nielsen noted that Proximar remains ahead of competitors as Japan’s first domestic producer of Atlantic salmon.
He added that the premium pricing achieved in Q4 supports their business strategy and highlights the cost benefits of local production.
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