ISI Seafood Q3 2022 Results
ICELAND
ISI SEAFOOD
Q3 2022
Presentation to Investors
and Analysts
•
Good performance of the S-Europe division, but
recession is starting to impact the demand
Factory extension is progressing as
planned
•
●
Sales in the first 9M of €163.1m were 19% up on
9M 2021 on like for like basis, primarily driven by
price increases. Sold volume is down by 2% at
the same time,
Profitability of IS Ibérica was excellent in 1H
2022, with higher sales and margins. It has been
levelling off in Q3 due to challenging external
conditions slowing sales,
Challenges in logistics having a negative impact,
with both increased transportation costs
(inbound and outbound) and cold storage costs,
Factory extension on track in Barcelona.
Installing solar panels is progressing both in
Barcelona and Madrid. The investment will
improve the efficiency level in production and
provide savings in electricity costs,
Performance of Ahumados Dominguez improved
in Q3 after the negative impact of the
unprecedented and rapid increase in salmon.
prices 1H 2022. Sales are growing as new
accounts are secured with new and current
customers.
Challenges in the sourcing of raw
materials at Achernar during Q3
2022
.
.
•
Overall fishing volumes in Q3 2022 decreased
by 25% from last year, in line with the decrease
during the 1H,
There was no production in September due to
the end of the national waters fishing seasons.
Rawson season is starting,
Prices of whole shrimp have reduced, with
declining demand and relatively high stocks of
frozen-at-sea products available,
Prices of tails and peeled shrimp remain stable
for sales to Asia and Europe but will be under
pressure in case of overproduction in tails.
Prices of vannamei shrimp are on a downward
trend,
Squid season will start the first days of
January. The outlook is in line with last year in
volume and prices.
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