Product sales are going well, and prices have risen. Most of the algalflour is exported, and the largest shareholder of the factory, IFF, is one of the major customers. IFF buys the flour as unpacked bulk for ship transport. It is therefore good news that the important expansion and on the peer and port in Reykhólar is coming to completion. Other buyers get their algal meal in large sacks or 25 kg bags that are transported in containers. For us it is paramount that all customers sit at the same table regarding sales, terms, quality, and secure delivery.

For the first time in 2023 income exceeded one billion ISK, and operations were steady. The operation continues to be profitable and therefore machines and equipment can constantly be renewed and  supports constant maintenance. Our operations are highly specialised and therefore expensive. Construction and renovation were significant in 2023. During the year, the dryer took a leap for better reliance and higher processing speed. In addition, work continues for an electronic, automatic recording of traceability from harvesting site to processing plants. Now the aim is to make packing easier and take the burden off the backs of employees.

Better results have enabled the company to finance further research on the distribution and biomass of kelp in Breiðafjörður. The research is a collaboration between Thorverk and the Icelandic Marine Research Institute, and the Icelandic Algae Centre in Reykhólar has provided loyal support. It was also through financial backup from Euro Stars Funding that this was possible. We are aiming for steady continuation of the research. In 2024 we aim is to hire a marine resource manager. Environmental issues and the sustainable use of natural resources is the core of our operations, and we continue to use the flowing hot geothermal water from the local grounds. Employees will again plant trees in 2024 to offset the carbon footprint of the factory, its cars, equipment, harvesting barges and ships.

 

It has been possible to recruit more employees than often before, but now the nationalities have reached six. All of them form a hard-working team, but the diverse flora of languages creates challenging tasks for security matters. The composition and age distribution of the population in Reykhólar has been changing, as elsewhere in the country. Young people prefer to rent than to buy and this has had a major impact on residential housing. The factory has had problems accommodating new workers. One of the most urgent tasks of this year is to resolve housing issues.

 

Cooperating with good people and guided by sustainability, the factory's management has begun to consider further product diversification at Reykhólar and to establish new aspects of operations. We are optimistic.