Another record-breaking quarter for Mowi
Mowi recorded all-time high revenue of 1 365 million euros in the second quarter of 2023, compared with 1 232 million euros in the corresponding quarter of 2022. Operational profit was also strong at 300 million euros in the quarter.
Mowi delivered yet another record-breaking set of results in the second quarter, driven by strong operational performance in all business areas in addition to good prices.
“Strong volumes, good salmon prices and, most importantly, excellent operational performance by my 11 500 colleagues across the world, resulted in a new record-breaking quarter for Mowi. I am very pleased to see continuous improvement over time throughout the value chain,” Mowi CEO Ivan Vindheim said.
Mowi harvested 107 500 tonnes of salmon in the quarter, above guidance of 104 500 tonnes. Full-year harvest guidance for 2023 remains unchanged at an all-time high 484 000 tonnes, equal to growth of 4.4% year-over-year. This is above projected industry growth of 0.6% and continues Mowi’s solid growth trajectory which has surpassed that of the wider industry since 2019.
“Our growth in harvest volumes in recent years is encouraging. In the second quarter, biological performance was positively impacted by improved production and survival rates compared with one year ago,” Vindheim said.
Consumer Products delivered a seasonally record-high quarter on strong yields and improved operational efficiency. Consumer demand continued to be good, volumes improved, and average prices increased.
“I am impressed by the organisation’s commitment and performance both upstream and downstream. We continue to capture market share and capitalise on our advantages as a global, integrated company. Our branding efforts continue unabated, and the MOWI brand now has a truly global footprint, being present in 18 markets, with focus on further growth,” Vindheim said.
Mowi’s feed division also had a strong quarter, recording its best-ever second quarter earnings.
“Sold volumes were seasonally record-high on the back of continued strong growth in sea, which demonstrates the high quality of our feed. Feed composition, effective sourcing, feed performance analysis and collaboration between Feed, Farming and R&D divisions are all key ingredients for the success of our feed strategy,” Vindheim said.
On 31 May, the Norwegian Parliament approved the implementation of a 25% resource rent tax on salmon farming with effect from 1 January 2023. Including corporate taxes this equates to a marginal tax level of 47%.
“We are of course very disappointed by the Parliament’s decision, which has already proved costly for value creation in the industry as investments worth NOK 40 billion have been put on hold. However, we have not given up on turning this around. We also intend to pursue our legal interests,” Vindheim said.
Mowi’s Board has decided to pay a quarterly dividend of NOK 2.00 per share.
You can find the Q2 report and the presentation on our reports page.
