Norway leads way for Mowi as it harvests record volume in Q3
Salmon farmer Mowi harvested a record-high volume of 161,000 gutted weight tonnes in the third quarter of this year, an increase of 26,000 gwt compared to the same period last year.
Operating profit for the quarter was approximately €173 million (£144.3m), a reduction of €30m on the €203m earned in Q3 2023. Spot prices were lower throughout Q3 2024 than they were in the same quarter last year.
The majority of Mowi’s harvest (106,000 gwt) came from Norway, followed by Chile, then Scotland. The company made a profit in six of the seven countries where it farms salmon but recorded a deficit of €-0.55 per kilo in Canada.
Mowi Canada East made an operating profit of €0.64 per kilo but this was more than cancelled out by losses in British Columbia (Mowi Canada West), where algae-induced mortality in the Port Hardy area had started in June and continued into July.
Harvest volumes Q3 2024
| Country | Volume |
| Norway | 106,000 gwt (Q3 2023: 86,000 gwt) |
| Scotland | 15,000 gwt (15,000 gwt) |
| Chile | 23,000 gwt (17,500 gwt) |
| Canada | 7,000 gwt (7,500 gwt) |
| Ireland | 3,500 gwt (2,000 gwt) |
| Faroes | 3,000 gwt (2,500 gwt) |
| Iceland | (Arctic Fish) 3,500 gwt (4,500 gwt) |
| Total | 161,000 gwt (135,000 gwt) |
The total operational EBIT (operating profit) per kilo in Q3 was:
Operating EBIT per kilo
| Norway | €1.40 (Q3 2023: €2.15) |
| Scotland | €0.85 (€0.65) |
| Chile | €0.60 (€0.50) |
| Canada | €-0.55 (€-0.60) |
| Ireland | €1.20 (€0.80) |
| Faroes | €0.60 (€1.90) |
| Iceland | €0.40 (€0.15) |
Operational EBIT in Consumer Products (secondary processing)
was €43m (Q3 2023: €40m).
Operational EBITDA in Mowi’s feed division was €5m (€20m).
The complete Q3 2024 report will be released on November 6.
