Mowi harvested record volume in Q3

The world’s biggest Atlantic salmon farmer, Mowi, harvested a record-high quarterly volume of 135,000 gutted weight tonnes in the third quarter of this year (Q3 2022: 133,808 gwt), it said in a trading update today.

Operating profit was approximately €203 million in Q3, a 15% drop compared to the €240m made in Q3 2022 which was Mowi’s third best ever quarterly operational EBIT.

The biggest volume and best EBIT per kilo were achieved in Norway, where Mowi harvested 86,000 gwt with an operational EBIT per kilo of €2.15 (£1.86).

Scotland

In Scotland, Mowi harvested 15,000 gwt and made an operational EBIT of €0.65 per kilo. This is lower than the previous quarter when Mowi Scotland made €2.29 per kilo on a harvest of 18,278 gwt, but better than Q3 2022 when the Scottish operation harvested 14,494 gwt and made operational EBIT of €0.29 per kilo. Q3 is regarded as the most difficult quarter for salmon farmers in Scotland due to sea water being at its warmest and leading to an increase in environmental challenges.

After Norway, the best operational EBIT per kilo was achieved in the Faroes, where the company harvested 2,500 gwt and made €1.90 per kilo. Mowi Ireland made €0.80 per kilo on a harvest of 2,000 gwt, and Mowi Chile made operational EBIT of €0.50 on a harvest of 17,500 gwt.

Mowi Iceland (Arctic Fish) harvested 4,500 gwt and made operational EBIT of €0.15.

Canada

Mowi harvested 7,500 gwt in Canada, where it made an operating loss of €0.60 per kilo.

“Earnings in Canada were negatively impacted by algae-induced mortality,” stated the company.

Operational EBIT in Consumer Products was €40 million (€30m in Q3 2022). Operational EBITDA in Mowi’s feed division was €20m in Q3 2023 (€19m in Q3 2022).

Reported financial net interest-bearing debt (NIBD) for the group was approximately €1.705 billion at the end of the quarter.

Mowi’s complete Q3 2023 report will be released on November 8.