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Nov 08, 2023

Another record-breaking quarter for Mowi


Mowi recorded record-high operational revenue of 1.36 billion euros in the third quarter, compared with 1.26 billion euros in the corresponding quarter of 2022. Operational profit was 203 million euros in the quarter.

The third quarter was another record-breaking quarter for Mowi on strong operational execution. Quarterly revenues were all-time high at EUR 1.36 billion driven by record-high volumes across the group and seasonally favourable salmon prices on solid demand.

“Record-high volumes and favourable salmon prices, coupled with outstanding operational performance from my 11,500 colleagues worldwide, have culminated in another record-setting quarter for Mowi,” Mowi CEO Ivan Vindheim said.

All-time high volumes
Mowi harvested an all-time high 135 000 tonnes of salmon in the quarter. Full-year harvest volume guidance for 2023 is maintained at a record-high 484 000 tonnes. Guidance for 2024 of 500 000 tonnes marks a new all-time high and a milestone achievement for Mowi. As recently as 2018 harvest volumes were 375 000 tonnes, hence the group has grown its farming volumes by 125 000 tonnes in the period, mostly organically. Mowi’s annual growth of 4.9% in the period is surpassing that of the industry of 3.2%.

“Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been impressive in recent years where crossing 500 000 tonnes in farming volumes particularly stands out,” Vindheim said.

In Mowi Farming Norway, Mowi’s most important farming entity, volume guidance for 2023 has been increased to a record-high 295 000 tonnes from 290 000 tonnes, following good seawater growth and operational performance. Volume guidance for 2024 has been set to 305 000 tonnes and crosses the 300 000 tonnes mark for the first time in Mowi’s 60-year history.

“Crossing the 300 000 tonnes mark in Norway is a milestone for the company and is cementing Mowi Norway’s strong license utilisation and production efficiency. I am deeply impressed with our Norwegian organisation that continues to deliver growth and results,” Vindheim said.

Strong quarter from Consumer Products and Feed
Consumer Products delivered another strong quarter operationally and financially, with seasonal record-high volumes and operational results.

“The strong results were driven by first-rate operational performance, increased volumes and continued good demand for salmon. Despite a challenging economic environment with generally higher cost of living, demand for salmon remained robust,” Vindheim said.

Earnings in the Feed segment were seasonally record-high on strong volumes and solid operational performance. Volumes from the Norwegian plant were record-high on the back of continued strong growth in sea and increased feed requirements in Mowi Farming Norway.

The world’s most sustainable
Mowi was yesterday named the world’s most sustainable producer of animal proteins by Coller FAIRR. This is the fifth consecutive year the company has topped the prestigious list that ranks the 60 largest publicly traded protein producers on a range of sustainability parameters.

“Sustainability is an important part of Mowi’s DNA and is at the core of everything we do. This award once again shows that Mowi is at the forefront of sustainable food production,” Vindheim said.

Mowi’s Board has decided to pay a quarterly dividend of NOK 1.50 per share.