AKVA Group Sees Profits Double

Norwegian equipment provider for aquaculture industry, AKVA group, has boosted its profit in the second quarter of 2017 as all of its business segments upped their quarterly performance and saw the revenues grow.

Namely, the company booked profit before tax of NOK 39.5 million and net profit of NOK 26.6 million for the quarter, compared to profit of NOK 12.3 million (116 percent increase) same time last year.

Profit for the first half of 2017 also increased some 86 percent ending at NOK 46.5 million.

The Q2 2017 revenues ended at NOK 537 million versus NOK 408 million with an EBITDA of NOK 65 million, compared to NOK 43 million a year earlier.

Total revenues for 1H 2017 increased by some NOK 250 million at NOK 1.05 billion.

AKVA group wrapped up the quarter with an order backlog of some NOK 1.3 billion, approximately NOK 500 more than at the end of Q2 2016.

The Q2 2017 order intake increased by 46 percent year-on-year at NOK 778 million. All segments experienced growth in the order intake in Q2 2017.

The company noted that a half-yearly dividend of 0.75 NOK per share will be paid in September 2017.

Regarding the Atlantis Subsea Farming Project, the company said that the Norwegian Directorate of Fisheries has forwarded the appeal on rejecting 4 out of 6 development licenses to the Norwegian Ministry of Trade, Industry and Fisheries, for their final decision.

Subsea World News Staff

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