Mowi reported record-breaking financial results for the fourth quarter of 2023.
Mowi, the largest salmon farmer in the world, achieved an all-time high revenue of €1.43 billion for Q4 2023, surpassing the previous year’s fourth-quarter revenue of €1.36 billion. The operational profit for the quarter stood at €203 million, according to a stock exchange update issued on Wednesday.
The year 2023 marked a historic milestone for Mowi, with revenues reaching €5.5 billion, an operational profit of €1.028 billion, and harvest volumes totaling 475,000 tons. These figures represent the highest in the company’s history.
Mowi CEO Ivan Vindheim expressed gratitude to the company’s 11,500 employees worldwide for their hard work and dedication, contributing to exceptional performance across Mowi’s three business areas: Farming, Consumer Products, and Feed.
Mowi Farming division recorded robust growth in 2023, with harvest volumes reaching an unprecedented 475,000 tons, a 2.4% increase compared to the previous year. This growth comes amid a global supply contraction of 2.5%. The fourth quarter alone saw a harvest of 129,234 tons of salmon. Mowi maintains its 2024 full-year harvest volume guidance at 500,000 tons.
Significant growth has been driven primarily by organic initiatives, including the post-smolt program, which is anticipated to contribute to further volume growth. By the end of 2024, Mowi’s postsmolt capacity is expected to reach nearly 40 million, accounting for about 25% of the group’s total smolt.
Consumer Products and Feed Divisions Set New Records The Consumer Products division reported an operational profit of €152 million and volumes of 232,000 tons in 2023, both new records for Mowi. The division’s focus on operational excellence has yielded significant financial success.
Mowi Feed also celebrated its most successful year, with an operational EBITDA of €52 million and a production milestone of 405,000 tons in Norway. The total feed sold by Mowi reached 523,000 tons for the year.
