Mowi increased Q1 operating profit by 55% this year
Norwegian salmon giant earned €322m
The world’s biggest salmon farmer, Mowi, increased its operating profit by €115 million, or 55%, in the first quarter of this year compared to the same period in 2022, figures released by the company today show.
Operational EBIT (operating profit) was approximately €322 million in Q1 2023 (Q1 2022: €207m).
Norway-based Mowi harvested 102,500 gwt of Atlantic salmon in the first quarter of this year, 4,500 gwt more than guided in its Q4 2022 results, and 5,900 gwt more than in Q1 2022.
Mowi Norway made the highest operational EBIT per kilo, earning €3.75/kg. It was followed by Mowi Faroes (€3.30/kg) and Scotland, which earned €2.45/kg, more than double the €1.02/kg recorded in Q1 2022.
Total operational EBIT per kg through the value chain was approximately as follows:
- Norway €3.75
- Scotland €2.45
- Chile €1.50
- Canada €2.15
- Ireland €1.70
- Faroes €3.30
- Iceland €2.10
Mowi Scotland harvested approximately 11,000 gutted weight tonnes of salmon in Q1 2023.
The volume is similar to that of Q1 2022, when Mowi Scotland harvested 10,541 gwt, but lower than the first quarter of 2021, when Mowi Scotland harvested 18,273 gwt.
Harvest volumes were:
- Farming Norway 65,500 gwt
- Farming Scotland 11,000 gwt
- Farming Chile 10,500 gwt
- Farming Canada 7,500 gwt
- Farming Ireland 1,000 gwt
- Farming Faroes 2,000 gwt
- Farming Iceland (Arctic Fish) 5,000 gwt
- Total 102,500 gwt
Operational EBIT (operating profit) for Mowi ASA was approximately €322 million in Q1 2023 (Q1 2022: €207m).
Mowi Norway made the highest operational EBIT per kilo, earning €3.75/kg. It was followed by Mowi Faroes (€3.30/kg) and Scotland, which earned €2.45/kg, more than double the €1.02/kg recorded in Q1 2022.
Operational EBIT in Consumer Products was €37m (Q1 2022: €21m), and operational EBITDA in Feed was €6m (€1m).
Reported financial net interest-bearing debt (NIBD) for the group was approximately €1.64 billion at the end of the quarter (excluding IFRS 16 effects), of which €79m was in Arctic Fish.
The complete Q1 2023 report will be released on 10 May.
