• Sun. Apr 14th, 2024

Fifax Fish Farm Reports Stagnant Turnover and Increased Losses, but Looks to Expand and Reach Profitability Goals

BySamantha Johnson

Mar 7, 2024
Fifax fails to generate revenue – Continued need for funding

Fish farm company Fifax reported stagnant turnover in the second half of 2023, according to its half-year review released on Wednesday. This was a significant decrease compared to the turnover of 0.3 million euros in the same period the previous year. Despite this, operating losses increased and deepened to 3.4 million euros in the July-December period, higher than the 2.2 million euros recorded in the previous year. The company also reported a loss per share of EUR 0.06 in the second half of the year, compared to EUR 0.09 per share in the comparison period.

Despite these challenges, Fifax’s fish stock at the end of the year was a significant increase from zero tons recorded at the end of 2022, reaching 59 tons. However, unlike last year when 32 tons were accumulated, there was no accumulation of fish produced last year due to factors like logistical issues.

The company announced that it will not be distributing a dividend for the year 2023, similar to their decision taken in 2022. Sampa Ruohtula, CEO of Fifax highlighted that additional funding is needed to support operations and achieve their goals for 2024, including expanding operations, increasing turnover and improving profitability.

In terms of long-term plans, Fifax aims to expand its production facilities and increase profitability by achieving significant profitability by 2030. In addition to this goal, they aim to make strategic investments towards full production capacity and develop their consulting and licensing business.

The success of these goals depends on securing necessary additional funding for restarting facilities and meeting production targets.

Overall, while Fifax faced financial challenges in both turnover and operating losses in the second half of 2023, there are opportunities for growth through expansion plans that require funding support from investors or other sources.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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