Mowi passes 1 billion earnings mark for first time in its history

Salmon producer Mowi passes 1 billion earnings mark for first time in its history. Source: Mowi
Salmon producer Mowi passes 1 billion earnings mark for first time in its history. Source: Mowi

Mowi's fourth quarter announcement is a landmark moment for the Norwegian salmon producer. In addition to a record operational profit for 2023 of 4.9 billion euros, the company passed the 1-billion-euro earnings mark for the first time in its almost 60-year history. Operational profit was 239 million euros, compared with 146 million euros in the corresponding quarter of 2021

Mowi CEO Ivan Vindheim expressed his appreciation to the 11,500-strong global Mowi workforce, noting that the "milestone results would not have been possible" without their hard work and dedication. 

Speaking of Mowi's Norwegian operations, he noted the "tremendous progress" the company has made in Norway in recent years. "An abundance of consistent hard work has propelled Mowi towards the top when it comes to license utilisation and production efficiency in this country." 

However, Vindheim warned that the Norwegian government's proposed salmon tax will "wreak havoc," on the industry, saying it threatens future growth prospects as well as putting jobs at risk. "This industry currently employs 60,000 people in coastal communities, and at the end of the day it is their livelihoods as well as future job creation that are being put in peril." 

Mowi harvested 131,000 tonnes of salmon in the quarter and a total of 464,000 tonnes in 2022, exceeding predictions from last year. In Norway, harvest volumes reached a record-high of 294,000 tonnes. 

Arctic fish joins the Mowi family 

Mowi's harvest volume guidance for 2023 is 484,000 tonnes, an all-time high which will include volumes from its newest subsidiary, Arctic Fish in Iceland. According to Vindheim, this will equate to volume growth of as much as 109,000 tonnes in five years. 

The acquisition of 51% of Arctic Fish was approved just before year end, and further cements Mowi's global dominance in the salmon farming industry. 

"Iceland is Mowi's seventh farming country and was the last spot missing from our geographical footprint. We are looking forward to further developing the company together with the other owners and a highly competent and motivated organisation," said Vindheim. 

Mowi Feed had its best year to date 

Mowi also announced the results for Mowi Feed and Mowi Consumer Products. Mowi's feed division enjoyed its best quarter and best year so far, reporting operational profit of 21 million euros in the fourth quarter and 47 million euros for the year. 

"Feed performance was very strong throughout 2022, which is of paramount importance to Mowi as the world's largest salmon farmer. Feed production reached 515,000 tonnes for the year, an increase of 7% from 2021, and this is expected to grow further in 2023," Vindheim said. 

Vindheim also highlighted "a record high year for consumer products", reporting an annual operational profit of 112 million euros and volumes of 229,000 tonnes product weight. Calling these "extremely impressive results", he said the company plans to enhance its value proposition downstream as well as its branding strategy.

Following Mowi's record results, and based on a favourable ongoing financial outlook, the company's Board have decided to pay a quarterly dividend of NOK 1.70 per share

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