Profitability across Iceland’s fishing and fish processing industry declined in 2024, according to new figures compiled by Statistics Iceland.
The data, based on operating accounts, balance sheets, export figures and catch data, shows that net profit across the combined fishing and processing sectors fell compared to 2023, dropping from 25% to 16% when adjusted for exchange rate effects using an annuity approach and a 6% rate of return.
The analysis covers key segments of the industry, including pelagic vessels, wet fish trawlers, freezing trawlers and multiple processing categories such as demersal, pelagic and fresh fish operations.
Mixed Performance Between Fishing and Processing Segments
Within the demersal sector, overall profitability improved, with net profit rising from 19.2% of revenue in 2023 to 22.1% in 2024.
However, this increase was driven by processing rather than catching activity. Net profit in demersal fishing declined slightly from 11.5% to 11.4%, while processing margins rose more significantly from 13.9% to 17.5%.
In contrast, the fishmeal and fish oil segment recorded a sharp drop in profitability. Net profit in this sector fell from 41.8% in 2023 to 10.6% in 2024, representing one of the most significant changes across the industry.