Mowi cashing out €131m dividend after solid Q3

Salmon farming giant aiming for a harvest volume of 450,000 tonnes next year.

Mowi achieved a record high Q3 turnover and all-time high volumes in the third quarter of 2019. The company’s operational EBIT was EUR 148 million, compared to EUR 207 million in the corresponding quarter of 2018.

“In the quarter we achieved the highest volumes ever both in farming, sales and feed produced. This resulted in the highest turnover we have ever had in a third quarter. We are aiming at further growth next year with a harvest volume forecast of 450 000 tonnes, up from this year’s 430 000 tonnes,” says Mowi CEO, Alf-Helge Aarskog.

Due to lower prices and higher farming costs driven by biological issues, the results are lower in the quarter than they were in the same quarter last year.

“The third quarter has been more challenging than normal for our farming organization. I would therefore like to recognize the hard work from all of my colleagues,” says Aarskog, probably refering to the mass mortality of 2.6 million fish in Eastern Canada.

Mowi reported operational revenues of EUR 1 023 million in the third quarter of 2019. Total harvest volume was 116 989 tonnes in the quarter.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 1.64 in the third quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 1.34 and EUR -0.01 respectively. Salmon of Chilean origin reported operational EBIT per kilo of EUR 1.32 in the quarter.

Mowi Feed reported an operational EBIT of EUR 7.9 million. Mowi Consumer Products reported an operational EBIT of EUR 12.8 million.

Mowi’s Board of Directors has resolved to pay a quarterly dividend of NOK 2.60 (EUR 0,25) per share, supported by the results, a strong market outlook, and a solid financial position.


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