Mowi's record-breaking harvest surpassed half a million tonnes in 2024

Mowi Scotland harvested 17,000 gutted weight tonnes of salmon in the final quarter of 2024, taking its total volume for the year to 66,000 gwt, the company said in a trading update today.

Globally, Mowi harvested 133,500 gwt in Q4, and a record-high 502,000 gwt for the full year, 27,000 gwt (5.7%) more than in 2023.

The regional harvest volumes for Q4, followed by volumes for 2024 in brackets, were:

Farming Norway: 83,500 gwt (Full year: 304,000 gwt) 

Farming Scotland: 17,000 gwt (FY: 66,000 gwt) 

Farming Chile: 22,500 gwt (FY: 73,000 gwt) 

Farming Canada: 5,000 gwt (FY: 30,000 gwt) 

Farming Ireland: 1,000 gwt (FY: 9,000 gwt) 

Farming Faroes: 1,000 gwt (FY: 9,000 gwt) 

Farming Iceland: (Arctic Fish) 3,500 gwt (FY: 11,000 gwt) 

Total: 133,500 gwt (FY: 502,000 gwt)

Mowi’s group operating profit in Q4 was approximately €226 million (£191m / NOK 2.657 billion), compared to €203m in Q4 2023. Blended farming cost was €5.69 per kilo, slightly lower than in Q3.

Farming Norway made the highest operating profit per kilo in Q4, followed by Farming Scotland. Farming Ireland recorded an operating loss. The regional operating profit per kilo was:

Norway: €2.20 

Scotland: €1.40 

Chile: €0.85 

Canada: €0.45 

Ireland: (€2.15) 

Faroes: €1.05 

Iceland: €0.75

Operating profit in Consumer Products, which includes Mowi’s secondary processing facility at Rosyth, Fife, was €53m. Operational EBITDA, a different measure of operating profit, in the Feed division was €21m in Q4 2024.

Reported financial net interest-bearing debt (NIBD) for the group was approximately €1.865 billion at the end of the quarter (excluding IFRS 16 effects).

Mowi’s complete Q4 2024 report will be released on February 12.