Mowi announces Q2 profit of £195m
Mowi today reported a second quarter trading EBIT or operational profit of €230m (£195m) with Scotland continuing to improve. This is slightly lower than what some analysts had been forecasting, however.
The world’s largest Atlantic salmon farmer produced a total harvest of 110,500 tonnes, 3,000 tonnes higher than a year ago.
The Scottish harvest was 19,500 tonnes against 18,000 tonnes last year. The Scotland EBIT per kg was slightly lower at €2.20, but it was the second highest in the group.
Mowi said the operational EBIT for the group was approximately €230m in Q2 2024 The blended farming cost was €5.84 per kg in the quarter which represented an improvement of €0.21 per kg from €6.05 per kg in the first quarter.
The harvest breakdown in gutted weight equivalents is as follows:
| Farming Norway | 59,500 tonnes |
| Farming Scotland | 19,500 tonnes |
| Farming Chile | 14.5,00 tonnes |
| Farming Canada | 9,500 tonnes |
| Farming Ireland | 3,500 tonnes |
| Farming Faroes | 2,500 tonnes |
| Farming Iceland (Arctic Fish) | 1,500 tonnes |
| Total | 110,500 tonnes |
Total Q2 Operational EBIT per kg through the value chain was approximately as follows:
| Norway | €2.50 | |
| Scotland | €2.20 | |
| Chile | €0.85 | |
| Canada | €0.70 | |
| Ireland | €2.20 | |
| Faroes | €4.15 | |
| Iceland | €0.95 |
The operational EBIT in Consumer Products was €25m (£21m) while the operational EBITDA in Feed was €11m (£9m).
The reported financial net interest-bearing debt (NIBD) for the group was approximately €1.88bn (£1.6bn) at the end of the quarter (excluding IFRS 16 effects).
