The largest recipient of a tranche of state grants to the aquaculture sector booked a net profit of c.€15.4m in 2019.

Comhlucht Iascaireachta Fanad Teo is receiving the lion’s share of the €1m allocated to 13 aquaculture projects in the latest round of the the government’s  European Maritime and Fisheries Fund Programme.

The company trades as Mowi Ireland is Ireland’s largest producer of farmed Atlantic salmon

Its 2019 accounts disclose a net profit of €15,455,000 on turnover of €66m. The latest state aid for the firm relates to installing a mooring system, pens, poles and environmental technology.

The next biggest grant — €54,000 — has been awarded to Bia Mara (Déise) in Waterford to build capacity at its oyster farm.

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Marine minister Charlie McConalogue commented: “These grant awards to 13 aquaculture investment projects bring the total awards in 2021 to €3.8m,  supporting €10m of investments in our aquaculture sector.

“With these latest awards, the €30m allocated to the aquaculture sector in the EMFF Programme is now fully committed. However, a new Seafood Development Programme for the 2021-27 period is being prepared and I have already put in place arrangements for an interim Seafood Capital Investment Scheme to ensure capital grants to aquaculture, fisheries and seafood processing enterprises continue to be available.”

The total disbursed in the government’s EMFF Operational Programme 2014-2020 is €240m, across fisheries, aquaculture and seafood processing, with €30m of that going to aquaculture projects.

Full details of the latest grant allocation are available here.