Cargill subsidiary reports operational loss for 2023 – despite 27% increase in turnover

by
Editorial Staff

The company recorded volume sales of 2.2 million tons, a year-on-year increase of 2.3 per cent.

Ewos, a subsidiary of the American feed giant Cargill and a key player in the Norwegian salmon feed market, experienced a loss in its operational activities in the fiscal year 2023, despite an increase in turnover.

Unlike many companies that follow the calendar year (January to December) for their financial reporting, for EWOS, the financial year in question started on June 1, 2022, and ended on May 31, 2023.

Ewos’ turnover grew by 27.5% to NOK 13.1 billion ($1.3 billion), according to the company’s annual report, published on Thursday. However, this growth was shadowed by a similar increase in costs, primarily due to the purchase of raw materials for feed, which totalled NOK 11.9 billion ($1.2 billion).

The increase in raw material costs is attributed to inflation, and a weaker krone against key trading currencies like the euro and dollar, as well as an overall volume increase in 2023, according to the report.

Ewos, a prominent name in the salmon feed industry, operates under the ownership of Cargill, the American agricultural giant. As a key player in the Norwegian market, Ewos is among the top three salmon feed producers in the region, along with Skretting and Biomar. Mowi produces its own salmon feed.

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