Earnings of €1.028 billion and 475,000 tons harvested as Mowi outperforms expectations

by
Editorial Staff

The world’s largest salmon farmer reported a record-high annual harvest volume.

Mowi, the world’s largest producer of farmed salmon, has reported its harvest volumes for the fourth quarter of 2023, totalling 129,000 metric tons.

This figure contributes to a record-high annual harvest volume of 475,000 tons for 2023, an increase from 464,000 tons in 2022.

The harvest volumes are measured in gutted weight equivalents (GWE).

The company’s operational EBIT (earnings before interest and taxes) for Q4 2023 was approximately €203 million (NOK 2.4 billion), down from €239 million in Q4 2022.

However, Mowi achieved a record-high annual operational EBIT of around €1.028 billion for the full year 2023, surpassing the €1.005 billion reported in 2022. The blended farming cost for the quarter was €5.58 per kg.

Q4 2023 harvest volumes by region were as follows:

  • Farming Norway: 81,000 tons
  • Farming Scotland: 10,500 tons
  • Farming Chile: 27,500 tons
  • Farming Canada: 4,000 tons
  • Farming Ireland: Not reported
  • Farming Faroes: 3,500 tons
  • Farming Iceland (Arctic Fish): 2,500 tons

Operational EBIT per kg through the value chain varied significantly by region:

  • Norway: €2.40
  • Scotland: €(0.10)
  • Chile: €0.40
  • Canada: €(1.20)
  • Ireland: Not reported
  • Faroes: €2.15
  • Iceland: €1.30

Mowi’s Consumer Products segment reported an Operational EBIT of €38 million for Q4 2023, a decrease from €43 million in the same quarter of 2022. The Operational EBITDA in Feed was €16 million, down from €21 million in Q4 2022.

The reported financial net interest-bearing debt (NIBD) for the group was approximately €1.790 billion at the end of the quarter, excluding IFRS 16 effects.

The complete Q4 2023 report is scheduled for release on February 14, 2023, at 06:30 CET.

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