Mowi reports "all-time-high" harvest and EUR 1.36m operational revenue

Norwegian salmon farming giant Mowi continues its run of success, with record-high operational revenue in third quarter, and expects to cross the 500,000 tonne harvest volume mark in 2024.
Mowi reports another record-breaking quarter.
Mowi reports another record-breaking quarter.Photo: Mowi.

Champagne glasses are clinking in the Mowi boardroom yet again as another record quarter comes to a close, with the Norwegian salmon farming giant reporting "all-time high" quarterly revenues of 1.36 billion euros in Q3, compared with 1.26 billion euros in the corresponding quarter of 2022.

According to Mowi CEO Ivan Vindheim, the results are down to “Record-high volumes and favourable salmon prices, coupled with outstanding operational performance from my 11,500 colleagues worldwide".

All-time high volumes, with production expected to continue breaking records in 2024

Mowi harvested an all-time high 135 000 tonnes of salmon in the quarter, with full-year harvest volume guidance for 2023 maintained at a "record-high" 484,000 tonnes, the company said.

Mowi's farming volumes have increased significantly since 2018, growing by 125,000 tonnes in the period. Most of this growth is "organic", according to the company.

“Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been impressive in recent years where crossing 500,000 tonnes in farming volumes particularly stands out,” Vindheim said.

Norwegian farming volumes expected to cross the 300,000 tonne mark in 2024

Mowi's most important farming segment, Mowi Farming Norway, leads the way, with an expected record-high of 295,000 tonnes - an increase of 5,000 - which the company says follows "good seawater growth and operational performance".

Volume guidance for 2024 has been set to 305,000 tonnes and crosses the 300,000 tonnes mark for the first time in Mowi's 60-year history, Vindheim said.

“Crossing the 300,000 tonnes mark in Norway is a milestone for the company and is cementing Mowi Norway’s strong license utilisation and production efficiency. I am deeply impressed with our Norwegian organisation that continues to deliver growth and results,” Vindheim said.

Global demand for salmon remains robust, says Vindheim

Mowi also reported strong results in its consumer product and feed segments, with Vindheim noting that "Despite a challenging economic environment with generally higher cost of living, demand for salmon remained robust.”

The quarterly announcement comes on the back of yesterday's news that Mowi had been awarded the top spot in the Coller FAIRR sustainability ranking for animal protein producers. Second and third places went to aquaculture competitors Lerøy Seafood and Grieg Seafood, in what Mowi CTO Catarina Martins described as “recognition of Norwegian salmon farming as frontrunners on sustainability."

Following the third quarter results, Mowi’s Board has decided to pay a quarterly dividend of NOK 1.50 per share.

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