Mowi Scotland Q3 profits up by almost 40%

Mowi Scotland enjoyed one of its best periods for at least two years, with profits jumping by almost 40% between July and September this year.

The division, which has been battling biological issues over the past few quarters, produced an operational EBIT or profit of €12.7m (£10.6m) against €9.2m (£7.6m) a year ago.

Scotland recorded a harvest of 15,227 tonnes, an increase of almost 500 tonnes.

This once troubled division has been recovering for some time now and Mowi described Q3 as “another good quarter for Mowi Scotland” with improved biological performance and costs, partly offset by lower prices.

The operational EBIT per kilo was €0.83 per kg up from €0.63.

On prices and volume development, Mowi said achieved prices were down year-over-year, although they were 46% above the reference in the quarter due to a contract share of 62% .

The quality was good and harvest weights improved from Q3 2023. The volume guidance for 2025 is 67,000 tonnes, 3,000 tonnes higher than 2024.

The Scottish report said: “Cost decreased from the comparable quarter on the back of the downward trend in feed prices and higher survival rates combined with higher average weights.

“Production, mortality, feed conversion rate and harvest weights all improved from the comparable quarter.

“Sea temperatures have been lower than in Q3 2023 and the seasonal challenges associated with algae and jelly fish have been less of an issue this year.

“AGD [amoebic gill disease] remains relatively high, but higher treatment capacity is available to Mowi Scotland, due to the challenging presence of this gill condition in recent years.”

It adds: “The first post smolt produced in Loch Etive have been transferred to ordinary sea sites, and the transfer went well. Furthermore, construction of the new broodstock facility at Ardessie is ongoing and is expected to be completed in 2025.

“Both the post smolt project and the broodstock facility are important steps to further improve our biological and financial performance.”

Mowi Ireland also enjoyed an improved quarter with the operational EBIT almost trebling from €1.5m to €4.3m. The harvest volume jumped by around 1,600 tonnes . Mowi said the biological performance continued to be good.

Group-wide, Mowi has posted record Q3 revenues.