Mowi Scotland harvest back on track in Q2
Production increased by 38% and EBIT per kilo was up 30% compared to same quarter last year
The world’s biggest salmon farmer, Mowi, harvested 107,500 gutted weight tonnes of fish in the second quarter of this year, including 18,000 gwt in Scotland and 9,500 gwt in Canada, it said in a trading update today. The harvest volume was 3,000 gwt above guidance in Mowi’s Q1 2023 report.
Mowi Scotland’s harvest was more than 5,000 gwt (38%) higher than in Q2 last year, when low production on stocks based on externally sourced eggs, in addition to lower biomass going into the quarter compared with 2021, had a negative impact on volumes.
Also, harvesting in the first quarter of this year had been held back to capitalise on improved biological conditions in order to build biomass. Mowi expects to harvest a total of 64,000 gwt in Scotland this year.
£257m operating profit
Operating profit (EBIT) for the group in Q2 2023 was approximately €300 million (£257m), a fall of €20m compared to the same period in 2022.
Mowi Faroes, which harvested 3,000 gwt, made the highest EBIT per kilo of €4.60 in Q2. That was followed by Mowi Norway, which made €3.35 per kilo, and Mowi Scotland, which made €2.30 per kilo, an increase of €0.70 per kilo (30%) compared to Q2 2022.
Mowi Canada harvested a slightly smaller volume of 9,500 gwt compared to the 10,400 gwt produced in Q2 2022, but EBIT per kilo dropped from €3.00 to €1.30.
Harvest volumes for the countries where Mowi operates were:
- Farming Norway: 61,500 gwt
- Farming Scotland: 18,000 gwt
- Farming Chile: 14,000 gwt
- Farming Canada: 9,500 gwt
- Farming Ireland: 1,500 gwt
- Farming Faroes: 3,000 gwt
- Farming Iceland (Arctic Fish): 100 gwt
- Total: 107,500 gwt*
* Figures accounts for rounding up and down of harvest volumes
Operating profit per kg through the value chain was approximately:
- Norway: €3.35
- Scotland: €2.30
- Chile: €1.80
- Canada: €1.30
- Ireland: €1.40
- Faroes: €4.60
Operational EBIT in Consumer Products (secondary processing) was €37m, more than double the €18m earned in Q2 2022.
Operational EBITDA in Mowi’s Feed division was €10m, up from €6m in the same quarter last year.
Mowi’s complete Q2 2023 report will be released on 23 August.
