Record-high third quarter revenues for Mowi - Mowi Company Website

Record-high third quarter revenues for Mowi

Mowi recorded record high revenues of 1 035 million euros. Operational EBIT was 131 million euros, compared with 80 million euros in the corresponding quarter of 2020.

Demand for salmon continued to recover from Covid-19 lockdown measures during the third quarter as foodservice activity improved further and retail demand remained at strong levels. This led to a significant rebound in salmon prices compared with last year and increased earnings by 64% year-over-year.

“It’s positive to see that the salmon market continues on the road to full recovery. The estimated value of salmon consumed globally in the third quarter increased by more than 30% compared with last year and reached a new record-high level for a quarter. This is particularly impressive given that not all markets have yet fully recovered from the Covid-19 pandemic,” Mowi CEO Ivan Vindheim said.

Mowi Consumer Products delivered another strong set of results with the best ever earnings in a third quarter.

“This demonstrates strong retail demand in the market and also our ability to serve new and existing customers across geographies. Mowi Consumer Products has been able to benefit from and capitalise on the shift in demand towards elaborated products,” Vindheim said.

Total harvest volume in the quarter of 117 115 tonnes gutted weight (125 773 tonnes) was above guidance of 110 000 tonnes mainly due to good growth conditions in Norway. Further to this, harvest guidance for 2021 is increased to 455 000 tonnes, equivalent to 15 000 tonnes volume growth year-over-year. Next year, Mowi expects to harvest 460 000 tonnes.

“Mowi has a clear strategy to grow and Mowi Farming’s harvest capacity is well in excess of 500 000 tonnes. It’s therefore encouraging to see that we are heading towards another record year for Farming volumes in 2021,” Vindheim said.

Mowi’s Board has decided to pay a quarterly dividend of NOK 1.40 per share, consisting of NOK 0.93 per share in ordinary dividend and an extraordinary dividend of NOK 0.47 per share supported by a strong financial position and a favourable outlook.

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