Norway’s fish farming industry experienced a significant drop in profits in 2024 as the effects of the new ground rent tax continued to reshape company structures and financial outcomes.
A recent profitability survey from the Norwegian Directorate of Fisheries (Fiskeridirektoratet) reveals that producers of salmon and rainbow trout posted a combined ordinary profit before tax of NOK 14.3 billion ($1.4 billion) in 2024. This marks a 32% decline from NOK 21.2 billion reported in 2023.
The decrease in profits was driven primarily by lower salmon prices and high production costs. These factors amplified the impact of the structural changes many companies implemented ahead of the tax’s introduction in 2023, the report explains. The Directorate of Fisheries emphasized that “those shifts mean results before and after 2023 are not fully comparable.”
Additionally, the restructuring led to an increased share of profits for smolt producers. Their profit share rose from under 10% before 2023 to 13.3% in 2023, and further increased to 19.6% in 2024.
The survey’s findings are based on data covering approximately 90% of Norway’s smolt and grow-out licenses, offering a comprehensive overview of the industry’s financial landscape during this period.
https://www.undercurrentnews.com/2025/11/14/ground-rent-tax-ripples-through-norway-fish-farming-cuts-profits-by-one-third/
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