AKVA group a technology and service provider to the aquaculture industry reported its fourth-quarter 2022 financial results. The company posted revenue of MNOK 779 (833) in Q4 2022, a decrease of 6% compared to the same quarter the previous year. This decrease was accompanied by a dip in earnings before interest, taxes, depreciation, and amortization (EBITDA) from MNOK 61 in Q4 2021 to MNOK 27 in Q4 2022.
Despite the challenges, AKVA group experienced strong order intake in Q4 2022, with a total of MNOK 889 (742) and an order backlog of BNOK 1.7 at the end of December 2022. The company also recently secured a new Recirculating Aquaculture System (RAS) contract in February 2023 with NOAP for an additional 4,000 tonnes (phase 2), with an estimated contract value of MEUR 40.
The profitability of AKVA group was affected by various factors in 2021 and the first half of 2022, including high inflation rates and global supply chain disruptions caused by the conflict between Ukraine and Russia. This resulted in increased costs for freight, energy, and raw materials, as well as higher inventory levels to secure production. The company has implemented several measures to mitigate the impact and has seen some normalization in the second half of 2022, although the situation remains uncertain.
About AKVA Group
AKVA Group is a global technology and service provider to the aquaculture industry. They have over 1,400 employees in 11 countries and made 3.4 billion Norwegian kroner in 2022. The company is publicly listed and operates in the rapidly growing aquaculture industry. They provide a wide range of products and services, including single components and complete installations, for both sea farming and land-based aquaculture. With over 40 years of experience, Akva Group is known as a pioneer and technology leader in the industry.