Profits of Russian fishing companies have tripled

The profit of the fishing and fish farming industry decreased threefold in the first half of 2023 compared to the same period in 2022 – from 117.3 billion rubles. up to 38.5 billion rubles. This was stated by the President of the All-Russian Association of Fisheries (VARPE) German Zverev, reports TASS.

Zverev also noted a decrease in the rate of revenue growth in fishing: the average for 2017-2022. was 14.4%, and in the first half of 2023 – only 7%. The decline in profits began last year, when important export markets for Russia disappeared and costs increased significantly. In 2023, the situation worsened: export prices for the main types of Russian fish products began to decline, logistics costs increased significantly, primarily one of the main expense items – fuel. Costs for delivering fish by sea and land transport approached 80 rubles. for 1 kg.

According to Zverev, the decline in revenue growth “does not leave hope for a radical improvement in the final value of industry profit by the end of 2023.” Industry revenue and profit margins could benefit from the cash flow generated by the successful salmon poutine in 2023.

On September 20, it was reported that fishing enterprises were faced with the problem of selling iwasi (Far Eastern sardines) against the backdrop of a record catch and the high cost of delivering such products from the Far East to the central part of Russia. As of September 18, the catch, according to Rosrybolovstvo, amounted to 170,000 tons, which is 79% more than a year earlier.