Kaldbakur EA 1 and Samherji's production plant in Akureyri / Photo: Hordur Geirsson

Samherji Reports EUR 45.6M Net Profit Amid Reinvestment

The company sees strong performance in demersal fishing and commits to major aquaculture investments, despite a decline in pelagic fisheries.

REYKJAVIK – Samherji hf. has announced a net profit of EUR 45.6 million for 2024, a decrease from the previous year's EUR 58.7 million. The company's revenue grew by nearly 6% to EUR 443 million, but its operating profit saw a drop of EUR 12 million to EUR 42.4 million.

Samherji's whitefish plant in Akureyri / photo samherji.is

The decline in profitability is primarily attributed to the absence of a capelin season in 2024, which significantly affected the company's pelagic fisheries and its share of profits from associated companies like Síldarvinnslan hf. Despite this, Samherji's demersal fishing and processing operations had a successful year, with CEO Baldvin Thorsteinsson noting the high standards of the company's fleet and land-based processing plants.

In a key strategic move, the company continues to reinvest heavily in its core operations. Since 2019, 88% of the group’s profits have been allocated to direct investments in fishing, processing, and land-based aquaculture. The largest current project is the Salmon Garden, a new land-based aquaculture facility in Reykjanes, for which Samherji has already contributed nearly half of the EUR 210 million in equity raised.

Overview of Samherji´s Salmon Garden construction area in Reykjanes. Photo: Jón Steinar Sæmundsson

The company's financial position remains strong, with total assets of EUR 802.2 million and an equity ratio of 72% at the end of 2024. The group also saw an increase in its workforce, employing an average of 789 full-time equivalents, up from 722 in 2023.

In a move to improve communication with the public, Samherji will begin selling cod products under its own brand in Icelandic supermarkets this autumn. This follows the successful reception of its aquaculture products, Landlax and Landbleikja.

Baldvin Thorsteinsson CEO of Samherji. Board of Directors of Samherji: Kristján Vilhelmsson, Dagný Linda Kristjánsdóttir, Jón Sigurdsson, Ásta Dís Óladóttir, Óskar Magnússon. / Photo Axel Thorhallsson

The company's leadership also saw a change, with Jón Sigurdsson, former CEO of Össur hf., elected as the new chairman. This change came after Baldvin Thorsteinsson stepped down from the board to take on the role of CEO, succeeding his father, Thorsteinn Már Baldvinsson, who retired after 42 years at the helm.

Below is an overview of key figures from Samherji’s 2024 financial statements.

Click on the image to enlarge it

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Address:	Glerárgötu 30
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State/ZIP:	(600)
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