Profitability in Iceland’s fishing and fish processing sector fell sharply in 2024, with net profit dropping to 16% of revenue from 25% the year before, according to new official data.

Earnings declined despite stable export prices, as lower catch volumes and weaker pelagic performance weighed on results.

Pelagic downturn drives overall decline

The biggest fall came from pelagic fisheries. Net profit in pelagic fishing and processing dropped from 41.8% of revenue in 2023 to 10.6% in 2024.

At the same time, total EBITDA across the sector fell from about ISK 111 billion to ISK 86 billion.

Catch volumes declined sharply. Total export volumes fell by 10%, while the value of pelagic catches dropped by around 50%.

Fuel costs also increased. Oil rose from 10.1% to 11.1% of fishing revenues.

Mixed picture across segments

Demersal fisheries showed more stability. Net profit in demersal fishing and processing increased from 19.2% to 22.1% of revenue.

However, results varied within the segment.

  • Demersal fishing margins edged down slightly
  • Processing margins improved significantly

Fish processing overall remained stable. EBITDA rose slightly to 19.2% of revenue, up from 18.3% in 2023.

Fishmeal and oil production recorded strong margins, with EBITDA at 27.2%.

Revenues fall despite stable prices

Total export value reached just under ISK 290 billion in 2024.

Prices increased marginally by 0.3%, but this did not offset lower volumes. Overall export value declined by 9.7%.

Catch value fell by 13%, while total catch volume dropped by 28%.

Small-scale fisheries performed relatively well.

  • 774 small vessels landed around 21,000 tonnes
  • Total value reached ISK 6.9 billion
  • EBITDA stood at 19.7%

Balance sheet remains strong

Despite weaker profits, the sector’s financial position stayed solid.

Total assets reached ISK 1,093 billion at the end of 2024.
Equity rose to ISK 533 billion, with an equity ratio of 48.8%.

Debt levels increased slightly but remained stable overall.

Outlook shaped by volumes and pelagic performance

The data shows a sector still profitable but more exposed to volume swings.

Lower pelagic catches had a clear impact on overall results.

Future performance will depend on stock availability, catch volumes, and cost pressures, especially fuel.