Malta’s aquaculture and tuna farming industry returned to profitability in 2024, despite a drop in production volumes, according to the latest annual census of sector operators. Total output fell by €7.8 million, or 3.9%, to €191.8 million, driven largely by a reduction in farmed Bluefin tuna.
Operating costs, however, fell far more sharply. Intermediate consumption, which includes most production expenses, decreased by €106.9 million, or 40%, to €160.2 million. This significant cost contraction pushed the industry’s gross value added from a €67.4 million deficit in 2023 to a €31.6 million surplus in 2024, marking a €99 million turnaround.
Depreciation edged down slightly to €4.8 million, while the total wage bill rose by 7.2% to €13.2 million. The net operating surplus shifted accordingly from a loss of €84.6 million in the previous year to a positive €13.6 million.
In volume terms, total farmed fish production dropped by 4.1% to 20 million kilogrammes. The decline was entirely due to a 2-million-kilogramme fall in Bluefin tuna output, which offset gains in closed-cycle species. Marketed value also fell by 3.2% to €192.7 million.
The industry’s cost structure shifted significantly in 2024. Expenditure on live Bluefin tuna and other fish for fattening plunged by €92.9 million, reducing its share of total intermediate consumption from 57.2% to 37.3%. Variable production and selling costs also declined, while overheads rose by 17.8% to €26 million.
Total assets and liabilities decreased by 5% to €449.3 million, reflecting a leaner operational footprint after a period of volatility.
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