From GlobeNewswire: 2024-05-23 12:55:00

Guðmundur Kristjánsson, CEO of Brim, stated that the first three months of the year were challenging. The cod fishery performed well but the capelin did not show up. An agreement was reached for the purchase of the Ilivileq freezer trawler from Arctic Prime Fisheries in Greenland for €55 million. Market conditions remain difficult with high uncertainty and expensive financing.

Brim’s fishing and processing operations in the first quarter of 2024 met expectations, except for cod catches which were slightly lower. Frozen product prices increased while fresh product prices remained stable. The company’s overall financial performance was satisfactory despite challenging market conditions.

The 2024 financial report of Brim showed a decrease in sales to €94.5 million compared to the previous year. Operating profit was €4.5 million and EBITDA was €12.0 million with a 12.8% margin. Total assets increased to €953 million, and equity stood at €452 million.

Fishery operations for capelin in the Faroese waters started in January, yielding around 18,000 tonnes until the end of February. Unfortunately, capelin stocks were insufficient to issue fishing quotas for the year, leading to vessels staying docked in March.

Key financial highlights for the first quarter of 2024 included a net profit of €4.5 million, a decrease in sales compared to the year before, and a stable EBITDA margin. Total assets reached €953 million, with a healthy equity ratio of 47.4%.

The financial results for Brim, when converted to Icelandic Krona at the average exchange rate of the first quarter of 2024, showed revenues of 14.1 billion ISK, EBITDA of 1.8 billion ISK, and a profit of 0.7 billion ISK. Total assets in ISK were recorded at 142.8 billion, with debts of 75.1 billion and equity of 67.8 billion.

The approved annual financial statements were endorsed at Brim’s board meeting on May 23, 2024, adhering to international financial reporting standards (IFRS). The annual financial statements were not audited by the company’s auditors.

Brim is a prominent seafood company focusing on sustainability and innovation. Their operations aim to create value in the seafood sector while respecting the environment through responsible fishing practices. They strive to minimize their environmental impact both at sea and on land.



Read more at GlobeNewswire:: Uppgjör Brims á fyrsta ársfjórðungi 2024