Record result for Mowi in the second quarter
The second quarter of 2022 was the best quarter ever for Mowi, with a record-high operational profit of 320 million euros and record-high revenue of 1 232 million euros.
Mowi delivered yet another strong set of financial results in the second quarter, driven by good operations and high salmon prices.
“I am very pleased with our operational performance in the quarter and the way we have been able to capitalise on the high prices. I would like to thank the organisation for this achievement,” Mowi CEO Ivan Vindheim said.
Salmon prices reached new record levels in all markets during the quarter on strong demand and low supply. Mowi’s financial results were also driven by good harvest volumes of which 65% were sold into the spot market.
“We have never before experienced spot prices at the levels seen in the second quarter, and this shows the potential to continue to increase the value of the salmon category over time given continued supply growth,” Vindheim said.
Mowi reported operational EBIT of EUR 320 million in the second quarter of 2022, more than double the EUR 137 million reported in the corresponding quarter in 2021. Operational revenues in the quarter were EUR 1 232 million (EUR 1 000 million). Total harvest volume in the quarter was 102 679 tonnes gutted weight (107 977 tonnes), slightly above guidance of 99 000 tonnes. Full-year harvest guidance for 2022 is unchanged at 460 000 tonnes.
Mowi Farming had an impressive quarter with an operational profit of EUR 294 million, which is a new record.
“I am impressed with our farming operations this quarter, with good growth performance in sea and improved production. Mowi Norway stands out in particular, representing 70% of Group profit with an impressive margin,” Vindheim said.
Mowi Consumer Products delivered another set of good results on continued good retail demand and solid operational performance across its processing plants in Europe, Americas and Asia.
“Overall retail demand still remains at a good level and I expect that the retail channel will continue to grow in the years ahead. The foodservice segment continues its post-pandemic recovery which is positive for overall salmon demand,” Vindheim said.
Mowi’s Board has decided to pay a quarterly dividend of NOK 2.30 per share, supported by a strong financial position and a favourable outlook.
You can find the report and presentation on our Reports page.