Samherji posts €45.6m net profit in 2024, invests heavily in fishing, processing, aquaculture, and launches new cod brand. Photo: Hordur Geirsson
Samherji hf. has posted a net profit of €45.6 million for 2024, down from €58.7 million in 2023, as the Icelandic fishing and seafood group continued heavy reinvestment in its core operations, including fishing, processing, and land-based aquaculture.
The group recorded operating profit of €42.4 million, €12 million lower than the previous year, with EBITDA falling 17% to €61.4 million. Revenues rose nearly 6% to €443 million, while profits from associated companies, mainly Síldarvinnslan hf., fell due to the absence of a capelin season.
Total assets at year-end stood at €802.2 million, with equity of €578.8 million and an equity ratio of 72%. The group employed an average of 789 full-time equivalents, up from 722, partly due to the first full year of consolidating foreign sales companies acquired in late 2023 and staffing growth in Samherji Fish Farming.
Strong Demersal Performance, Pelagic Losses From No Capelin Season
Chief Executive Baldvin Thorsteinsson described 2024 as a successful year for demersal fishing and processing, with advanced vessels and internationally recognised land-based plants. However, he acknowledged that pelagic results were hit by the lack of a capelin season, a major blow to both the company and Iceland’s economy.
Thorsteinsson said increased fishing fees require operational adjustments but reaffirmed Samherji’s long-term investment approach. Since 2019, 88% of group profits have gone into reinvestment, with the largest current project being the Salmon Garden in Reykjanes — a land-based aquaculture facility set for completion in 2027.
The group has invested more than €48 million in land-based aquaculture since 2023, including technology upgrades at Öxarfjördur. Total equity for the Salmon Garden stands at €210 million, with Samherji contributing nearly half.
New Consumer Strategy and Board Changes
In response to political debate around Iceland’s fishing sector, Samherji will launch branded cod products in Icelandic supermarkets this autumn, building on the positive reception of its Landlax and Landbleikja aquaculture ranges.
The company also confirmed a new Board of Directors. Jón Sigurdsson, former Össur hf. CEO, becomes Chairman, replacing Thorsteinsson, who stepped down from the board upon becoming CEO. The rest of the board remains unchanged, with Dagný Linda Kristjánsdóttir appointed Vice-Chairman.
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
Leadership Transition
2024 marked the end of an era as Thorsteinn Már Baldvinsson stepped down as CEO after 42 years at the helm. Thorsteinsson paid tribute to his father’s leadership and role in making Iceland’s fishing industry a global leader. Baldvinsson will remain involved in company projects, particularly the expansion of Samherji Fish Farming.