Mowi trebles Q4 operating profit

Fish farming giant Mowi almost trebled its operating profit (EBIT) on a lower global harvest during the final quarter of 2021, the company’s Q4 trading update reveals.

The group reported an EBIT of €146m against €49m for the same period in 2020.

The total harvest was 115,000 tonnes against 127,000 tonnes 12 months earlier. The Mowi Scotland harvest was 1,000 tonnes lower at 12,000 tonnes.

Farming Norway produced 71,000 tonnes (Q4 2020: 8,500 tonnes); Farming Chile produced 16,500 tonnes (Q4 2020: 20,500 tonnes); Farming Canada 10,000 tonnes (Q4 2020: 12,500 tonnes); Farming Ireland 1,500 tonnes (Q4 2020: 1,000 tonnes) and Farming Faroes 4,000 tonnes (Q4 2020: 1,500 tonnes).

The total operational EBIT per kilo through the value chain was broadly as follows:

Mowi said the blended farming cost per kg harvested was €4.62 against €4.59 in the third quarter.

But biological problems in eastern Canada are still taking a toll. Mowi said the operational EBIT was negatively impacted by €8 million related to extraordinary mortalities in Canada East. This affected total margin in the quarter by 0.07 per EUR/kg.

The operational EBIT in Consumer Products was €26m (Q4 2020: €35m) and for Feed it was €8m in Q4 2021 (Q4 2020: €14m).

The full fourth quarter report will be published on 16 February.

Meanwhile, Grieg Seafood recently reported a Q4 harvest of 23,700 tonnes, up by 3,200 tonnes on a year ago. The figures for Grieg Shetland, which was sold to Scottish Sea Farms in December, are not included, but may be published when the full Q4 report is presented on 15 February.