"Mowi is well on track to deliver on our volume guidance of a milestone 500,000 tonnes this year," Vindheim said.
Photo: Mowi.
Presenting Mowi's results for the second quarter of 2024, CEO Ivan Vindheim stated a clear ambition for the world's biggest salmon farming company to continue outpacing its competitors.
“Beyond 2024, we aim to continue to grow faster than the wider industry, through greater use of larger smolt and postsmolt in Norway and Scotland, and generally higher smolt stocking levels across our global farming footprint, enabling us to take advantage of organic growth opportunities,” he said.
Mowi ASA reported a robust second quarter for 2024, with the company generating EUR 1.34 billion (USD 1.46bn) in operating revenues and achieving an operational profit of EUR 230 million (USD 251m).
This improvement from the previous quarter was attributed to strong performance across all business areas, including record-high seasonal growth in sea biomass and reduced farming costs.
“Mowi harvested a record 110,000 tonnes of salmon in the second quarter. At the same time our biomass in sea was at an all-time high level at the end of the quarter, and up by 9.4% from last year," said Mowi CEO Ivan Vindheim.
"This is impressive and shows that Mowi is well on track to deliver on our volume guidance of a milestone 500,000 tonnes this year. As recently as 2018 Mowi harvested 375,000 tonnes of salmon,” he added.
Mowi’s Consumer Products segment also showed increased earnings compared to the first quarter, despite market challenges
“Increased earnings in the second quarter demonstrate good underlying performance. Having said that, earnings were held back by temporary market headwinds in the US and margin pressure in Europe from high raw material prices, however underlying demand for European salmon remains strong," Vindheim said.
"In addition, we expect to see a gradual improvement in the American market as Western economies continue to recover, and on the back of falling retail prices," he added.
Mowi Feed achieved seasonally record-high volumes, driven by strong feed demand in Europe, with a 14% increase compared to the second quarter of last year. The company anticipates further improvements in sold volumes and earnings in the second half of the year, aligned with normal seasonal variations.
Mowi’s Board has declared a quarterly dividend of NOK 1.70 per share (approximately EUR 0.15 / USD 0.16).