Mowi Q2 operating profit up by €38m
The world’s biggest Atlantic salmon farmer, Mowi, made an operating profit of €137 million (£116.7m) in the second quarter of this year, an increase of €38m over the same period last year.
The improved result was achieved despite Mowi Canada East making a loss of €15m, largely due to an outbreak of infectious salmon anaemia (ISA) which led to the harvesting out of fish in Newfoundland. That equates to a loss of €0.14 per kilo for the group.
Total harvest volume was 108,000 gutted weight tonnes, which is 4,000 gwt higher than in Q2 2020 but 1,000 gwt lower than guided, Mowi said in a market update.
Mowi Scotland harvested 19,000 gwt, an increase of around 4,400 gwt compared to the same period last year.
The harvest volumes and EBIT per kilo were:
| Region | Harvest gwt | EBIT per kilo |
|---|---|---|
| Norway | 56,000 | €1.65 |
| Scotland | 19,000 | €1.55 |
| Canada | 13,500 | €-0.5 |
| Chile | 15,000 | €1 |
| Ireland | 2,000 | €1.85 |
| Faroe Islands | 2,500 | €1.90 |
| Total | 108,000 gwt |
Blended Farming cost per kg harvested was €4.50 (€/kg 4.47 in Q2 2020).
Operational EBIT in Consumer Products was €16m (€23m) and Feed €3m (€6m).
Mowi’s reported financial net interest-bearing debt (NIBD) was approximately €1.16 billion at the end of the quarter (excluding IFRS 16 effects).
