Record Q3 revenues for salmon giant
Mowi generated record-high operating revenues of €1.44bn (£1.2bn) between July and September this year, the group’s Q3 results reveal today. This outstanding performance was translated into an operational profit or EBIT of €173m (£144m).
Mowi will be paying a dividend of NOK 1.50 per share, handing shareholders a total of NOK 775m (£54m).
Mowi CEO Ivan Vindheim said: “This was yet another good quarter for Mowi, with our best ever seawater production and harvest volumes of 161,000 tonnes.
We’ve never had more fish in the sea, with biomass in sea up 4.4% year-on-year at quarter end.”
Mowi said it was well positioned to meet its harvest volume guidance for 2024 of a milestone 500,000 tonnes.
It adds: “Furthermore, record-high biomass in sea supports 2025 volume guidance of 520,000 tonnes, the first step towards Mowi’s next milestone of harvesting 600,000 tonnes of salmon, expected in 2029.
“520,000 tonnes in 2025 represents growth of 145,000 tonnes since 2018, equivalent to 4.8% CAGR vs. 2.7% average for the industry.
“Continued growth in Mowi’s farming operations will in turn lead to growth in the company’s other two divisions – Consumer Products and Feed.”
Vindheim told shareholders: “It is a privilege to work in an organisation that is always striving to improve and take the company to the next level.
Mowi CEO Ivan Vindheim
“We aim to continue growing faster than the wider industry, by expanding our use of post smolt and through increased smolt release. We expect another year with limited supply growth for the wider industry at 2% or lower.”
Mowi’s farming costs fell in the third quarter vs the first and second quarters on the back of lower feed prices and economies of scale on higher volumes.
A continuing downward trend in feed prices is expected to contribute to further cost reductions, in addition to savings all across the value chain on the back of Mowi’s own cost savings programme worth EUR 300-400m over the next five years.
Mowi Consumer Products, the group’s value-added business, delivered record-high results in the third quarter on good operational performance, strong volumes and seasonally lower raw material prices.
“We see good retail demand for our products, and expect demand in the restaurant sector to improve as consumer purchasing power increases fuelled by falling interest rates and rising wages,” Vindheim said.
Mowi Feed delivered the best quarterly result ever, on all-time high earnings and record-high volumes. This positive volume development was driven by good seawater growth and demand from farming.
