Norwegian equipment provider for aquaculture industry, AKVA group, has boosted its profit in the fourth 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 33.3 million and net profit of NOK 27 million for the quarter, compared to loss of NOK 8.1 million same time last year.
Profit for the twelve months of 2017 also increased some 262 percent ending at close to NOK 100 million.
The Q4 2017 revenues ended at NOK 5556 million versus NOK 448 million with an EBITDA of NOK 60 million, compared to NOK 23.7 million a year earlier.
Total revenues for 2017 increased by some NOK 485 million at NOK 2.1 billion.
AKVA group wrapped up the quarter with an order backlog of some NOK 1.38 billion, approximately 40 percent more than at the end of Q4 2016.
The Q4 2017 order intake was flat year-on-year at NOK 561 million. Order backlog at the end of Q4 increased 27 percent to NOK 1.38 billion.
The company noted that a dividend of 0.75 NOK per share will be paid in March 2018.
Regarding the Atlantis Subsea Farming Project, the company said that the Norwegian Directorate of Fisheries rejected its appeal for two additional licences in December last year. The decision is final and cannot be appealed. On February 22, 2018 the Directorate announced that the company has been granted one license.
Subsea World News Staff