April 2024

Press release: Annual Report 2023 - TripleNine sets records in top and bottom lines in 2023 (English)

Read the danish version

TripleNine set records in both top and bottom lines in 2023 with a revenue of DKK 2.78 billion and earnings of DKK 225 million. The 2023 financial statement is the best yet for the international producer of fishmeal and fish oil, headquartered in Esbjerg.

TripleNine today announced its financial results for 2023, marking the best year to date. Revenue rose from DKK 2.03 billion in 2022 to DKK 2.78 billion in 2023, a growth of no less than 37%. This growth consolidates TripleNine's position among the world's largest producers of fishmeal and fish oil.

The net result after taxes increased to DKK 225 million, up from DKK 187 million in 2022, corresponding to a 20% increase. According to the group's CEO Casper Andersen, the development has been highly satisfactory:

- 2023 was a good year for our activities across the countries we operate in. Our production volume increased at all our factories while prices on the global market for fish oil and fishmeal have risen. This is because the supply on the global market has decreased, while the demand for important omega 3 fatty acids, where we are among the world's major players, continued to be high, he says, and continues:

- In addition to external events, we can also see that the strategic changes we have implemented in recent years are beginning to bear fruit. We are stronger than before, not least thanks to good focus and a dedicated effort from our employees. Therefore, we are positive about the future, although both raw material volume and prices will hardly be able to be maintained at the level we have seen in 2023.

TripleNine has production activities in Chile, Denmark, and Norway, and particularly in Chile and Norway, the activity level has increased significantly. Meanwhile, the demand for fishmeal and fish oil remained high in a market with decreasing supply – especially within the aquaculture industry, where a large portion of TripleNine's products are sold to, among others, salmon farming in Norway.

- Aquaculture is the most efficient way to produce animal proteins, both in terms of feed yield, water usage, and CO2 footprint, and in addition to supplying people with necessary amino acids, we cannot generate ourselves. With our production, we have contributed to over 10 million healthy meals for people around the world every single day throughout 2023.

Profits invested in product development and green transition

The production of fishmeal and fish oil belongs to that part of the process industry that requires relatively large amounts of energy. Therefore, TripleNine has again in 2023 invested in initiatives that can reduce energy consumption both in the short and long term. Investments will be further increased in 2024:

- We have focused on reducing our energy consumption for many years, as it constitutes a large part of our cost base. In recent years, we have further accelerated the transition, as there are now several bottom lines to consider. We are very positive about the increasing focus on sustainability and ESG, coming from ourselves, our customers, and society at large, continues Casper Andersen.

Lower visibility in 2024

While most things went right for TripleNine in 2023, the outlook for the current year appears different. Both volume and market prices are expected to be lower, and one of the reasons is the UK's ban on the catch of the industrial fish sandeel in large parts of the British North Sea:

- 2024 looks a bit different from 2023, and this is due to several factors. Partly, we depend on the world market price for fishmeal and fish oil, which has been historically high but is likely slightly declining this year, and partly, we depend on fishermen's catch of industrial fish such as sandeel. We already know that volume will be significantly lower in 2024, and therefore, we will not reach the same record levels of revenue and earnings as in 2023. However, our industry is used to some variation in the market, and therefore we naturally continue our long-term investments, concludes Casper Andersen.

For further information, please contact:

- Group CEO Casper Andersen, TripleNine Group A/S, tel. + 45 7912 0999, direct tel. + 45 2844 8649 and

- Press service: Esben Lind, Publicity A/S, direct tel. + 45 25145816 and