Mowi breaks records with an operating profit of EUR 322 million (USD 354 million) in its 1Q of 2023, a massive increase compared to EUR 207 million (USD 227 million) in the same period last year. Moreover, Mowi posted the highest revenues in its history, at EUR 1,362 million (USD 1,495 million)
"High prices and stellar operational performance by my 11 500 colleagues in 25 countries across the world made the first quarter Mowi's best quarter ever. Compared with the first quarter last year, we are performing better on almost all indicators," stated Ivan Vindheim, Mowi CEO. This is how Vindheim summed up the success of the company's 2023 take-off.
These facts were combined with a favorable market outlook. The Q1 of 2023 was characterized by seasonally record salmon prices due to reduced global supply and good demand.
Success has also been achieved in several parts of the company. On the one hand, it is noteworthy to highlight the good retail sales of Mowi Consumer Products, favored in part by Easter and Lent. On the other, Mowi Feed achieved a record figure as a result of continued strong growth at sea; following the brand's track record of having consumption and net growth above industry benchmark levels. However, it is not only the context that has supported the company's performance.
The Norwegian company harvested 103,000 tons of salmon in the quarter, above the forecast of 98,000 tons. These figures are outperforming year on year, growing 5.2% annually above the figures of the sector, and are expected to be maintained to close 2023 with up to 484,000 tons.
Like other companies based in Norway, the "salmon tax" has been commented on in every financial period since its proposal. Mowi also has its opinion on the matter and explains the disproportionality of the measure with figures. It adds up to a total tax rate of 57%, including corporate tax, compared to 62% previously, as well as around 75% with the Norwegian wealth tax. Many taxes with different names add up to significant quantities.
"This is completely disproportionate and not compatible with the Norwegian Government's stated growth ambitions for the industry. If passed by Parliament, the new tax regime will be hugely detrimental to the Norwegian aquaculture industry," Vindheim said.
Mowi has established itself as a dominant player in the seafood industry, renowned for its exceptional production of farm-raised Atlantic salmon. Headquartered in Bergen, Norway, Mowi operates in 25 countries, employing an impressive workforce of 11,500 individuals. With an estimated harvest of 484,000 tonnes in 2023, sourced from seven farming countries including Norway, Scotland, Ireland, Faroes, Iceland, Canada, and Chile.
As a fully integrated global seafood powerhouse, Mowi is committed to delivering superior-quality salmon and other seafood products to discerning consumers worldwide, often under their prestigious MOWI brand.