Mowi’s Q3 results were weaker than expected – despite recording record high harvest volumes for the quarter.
The world’s largest producer of farmed Atlantic salmon, Mowi has recorded a profit of €203 million for the third quarter of 2023, the company announced in a trading update released on Wednesday.
This figure represents a decrease from Q3 2022 when Mowi reported operational EBIT (Earnings Before Interest and Taxes) of €240 million (NOK 2.4 billion).
An operational EBIT of €229 million had been expected, according to estimates obtained from TDN Direkt.
The exchange rate also played a role, according to the company, with an average of NOK 11.41 to the euro in Q3 2023 compared to NOK 10.06 in the same period the previous year.
Harvest volumes totalled some 135,000 metric tons in gutted weight equivalents (GWE).
The breakdown of these harvest volumes by region is as follows:
- Farming Norway: 86,000 tons
- Farming Scotland: 15,000 tons
- Farming Chile: 17,500 tons
- Farming Canada: 7,500 tons
- Farming Ireland: 2,000 tons
- Farming Faroes: 2,5000 tons
- Farming Iceland (Arctic Fish): 4,500 tons
The breakdown of Operational EBIT per kilogram through the value chain by region is as follows:
- Norway: €2.15
- Scotland: €0.65
- Chile: €0.50
- Canada: –€0.60
- Ireland: €0.80
- Faroes: €1.90
- Iceland: €0.15
Earnings in Canada were adversely affected by algae-induced mortality.
In the Consumer Products segment, Mowi reported Operational EBIT of €40 million in Q3 2023, an increase from €30 million in the same period in 2022. Operational EBITDA in the feed segment was €20 million in Q3 2023, compared to €19 million in Q3 2022.
The full Q3 2023 report is scheduled for release on November 8th at 06:30 CET.