Mowi harvested more fish but made less money in Q2
Salmon giant produced an extra 3,000 tonnes, including 1,200 tonnes more in Scotland
The world’s biggest salmon farmer, Mowi, harvested 110,500 gutted weight tonnes of fish in the second quarter of this year, 3,000 gwt more than in the same period last year, it said in a trading update.
Operational EBIT (operating profit) for the group in Q2 was approximately €230 million (£193m), down from the record-breaking €299.5m made in the same period last year.
In Scotland, Mowi harvested 19,500 gwt (Q2 2023: 18,300 gwt), and 3,500 gwt (1,600 gwt) was harvested in Ireland and 2,500 gwt (2,800 gwt) in the Faroes.
The Faroes operation produced the most profitable fish by weight, making operational EBIT of €4.15 (£3.48) per kilo.
Mowi Norway, which produced 59,500 gwt of salmon in Q2, was the second most profitable at €2.50 per kilo, followed by Scotland and Ireland, which both achieved operational EBIT of €2.20 per kilo.
Harvest volumes Q2 2024
- Farming Norway 59,500 tonnes
- Farming Scotland 19,500 gwt
- Farming Chile 14,500 gwt
- Farming Canada 9,500 gwt
- Farming Ireland 3,500 gwt
- Farming Faroes 2,500 gwt
- Farming Iceland (Arctic Fish) 1,500 gwt
- Total 110,500 gwt
Operational EBIT per kilo
Total Q2 Operational EBIT per kg through the value chain was approximately as follows:
Norway €2.50
Scotland €2.20
Chile €0.85
Canada €0.70
Ireland €2.20
Faroes €4.15
Iceland €0.95
Blended farming cost was €5.84 per kg in the quarter which represented an improvement of €0.21 per kg from €6.05 per kg in the first quarter.
Operational EBIT in Consumer Products was €25m (€37.1m) in Q2, and operational EBITDA in Feed was €11m, up from €9.7m in the same period last year.
