Norwegian locations were in a league of their own when Mowi raked in €240 million in the third quarter

by
Aslak Berge

Biologically speaking, it’s been a very demanding quarter for most of the salmon giant’s regions.

Mowi achieved an operational EBIT of approximately €240 million in the third quarter of the year – up from €131 million in the same period last year. This appears from a trading update from the company.

According to estimates obtained from TDN Direkt, a Mowi result of €222 million was expected in advance.

Norway was clearly the most important region, both in terms of volume and results. EBIT per kilo of fish was distributed through the value chain as follows:

  • Norway: €2.55
  • Scotland: €0.30
  • Chile: €1.25
  • Canada: -€0.35 (Canada West: €0.80)
  • Ireland: -€1.20
  • Faroe Islands: €1.05

The operational EBIT in Consumer Products was €30 million and in feed it was €15 million.

Farming in Ireland and Scotland was adversely affected by biological challenges such as microjellyfish, whose mortality resulted in losses of €0.05 per kg in Scotland and €3.00 per kg in Ireland.

Mowi harvested a total of 134,000 tonnes of salmon in the quarter, distributed as follows:

  • Norway: 87,500 tonnes
  • Scotland: 14,500 tonnes
  • Chile: 17,000 tonnes
  • Canada: 11,000 tonnes
  • Ireland: 2,000 tonnes
  • The Faroe Islands: 2,000 tonnes

In connection with the company’s presentation of its second quarter report, Mowi guided for a harvest volume of 131,000 tonnes for the third quarter.

Mowi reports a net interest-bearing debt of approximately €1,355 million at the end of the quarter.

The complete report for the third quarter will be presented on 9 November.

 

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