Mowi’s Q2 earnings bounce back, harvest falls short of forecast

Published on
July 14, 2021

Bergen, Norway-headquartered Mowi ASA achieved operational earnings before interest and taxes (EBIT) of approximately EUR 137 million (USD 161.5 million) in the second-quarter of this year, some EUR 38 million (USD 44.8 million) more than in the corresponding period of last year.

The latest EBIT was, however, significantly less than the record EUR 211 million (USD 248.7 million) posted for Q2 2019.

According to the salmon farming group’s latest trading statement, its salmon of Norwegian origin achieved an operational EBIT-per-kilogram of EUR 1.65 (USD 1.95) in the last quarter, up from EUR 1.05 (USD 1.24) in Q2 2020.

The operational EBITs per kilogram for salmon of Scottish, Canadian, Chilean and Faroese origin were also improved. The EBIT for Scottish salmon was 1.55 (USD 1.83); Canadian salmon saw a loss of EUR 0.50 (USD 0.59), still improved on previous totals; Chilean improved to EUR 1.00 (USD 1.18); and Faroese improved to EUR 1.90 (USD 2.24) per kilogram.

However, its salmon from Ireland achieved a much lower EBIT of EUR 1.85 (USD 2.18) per kilogram.

Farming Canada East recognized a loss in the second quarter of EUR 15 million (USD 17.7 million), equivalent to EUR 0.14 (USD 0.17) per kilogram, mainly related to harvesting out ISA-infected fish in Newfoundland, the statement confirmed.

Overall, the group harvested 108,000 metric tons (MT) of gutted weight equivalent (GWE) salmon in the three-month period, which was 1,000 MT behind its previous forecast. But the total was higher than the second-quarter 2020 harvest of 104,000 MT, and Q2 2019’s 98,500 MT.

In terms of Mowi’s production regions, Norway harvested 56,000 MT, Scotland 19,000 MT, Canada 13,500 MT, Chile 15,000 MT, Ireland 2,000 MT, and the Faroes 2,500 MT.

The Q2 2021 operational EBIT in Mowi’s Consumer Products segment was EUR 16 million (USD 18.9 million), down EUR 7 million (USD 8.3 million) on Q2 2020); while the Feed division’s operational EBIT was down 50 percent to EUR 3 million (USD 3.5 million).  

Photo courtesy of Mowi

Contributing Editor reporting from London, UK

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