Bergen, Norway-headquartered salmon-farming firm Mowi harvested a record amount of salmon in the third quarter of 2024.
Mowi harvested 161,000 metric tons (MT) of gutted weight (GWT) salmon in the third quarter of this year, which it confirmed was an all-time high for the period. The total was 500 MT ahead of its previous forecast, and up from Q3 2023’s harvest volume of 135,000 MT.
According to the group’s latest trading update, Mowi’s operations in Norway harvested 106,000 MT, up from 86,000 MT in Q3 2023; 23,000 MT in Chile, up from 17,500 MT; 15,000 MT in Scotland, the same as Q3 2023; 7,000 MT in Canada, down from 7,500 MT; 3,500 MT in Ireland, up from 2,000 MT; 3,500 MT in Iceland through its Arctic Fish operations, down from 4,500 MT; and 3,000 MT in the Faroe Islands, up from 2,500 MT.
The update also reported the company's preliminary Q3 2024 EBIT to be EUR 173 million (USD 188.7 million), a decrease of around EUR 30 million (USD 32.7 million) compared to the corresponding period of 2023 when it had an EBIT of EUR 203 million (USD 221.5 million).
The company said this was mainly due to drops in operational EBIT in Norway, Ireland, and the Faroe Island.
Mowi’s salmon of Norwegian origin achieved an operational EBIT per kilogram of EUR 1.40 (USD 1.53) in the quarter, down from EUR 2.15 (USD 2.35) in Q3 2023. Operational EBITs for salmon of Irish and Faroese origin also decreased – to EUR 1.20 (USD 1.31) and EUR 0.60 (USD 0.65) per kilogram, respectively.
Blended farming costs were EUR 5.72 (USD 6.24) per kilogram in the quarter, which represented an improvement of EUR 0.12 (USD 0.13) on Q2 2024.
The Q3 2024 operational EBIT in Mowi’s Consumer Products segment was EUR 43 million (USD 46.9 million), up EUR 3 million (USD 3.3 million) on the corresponding quarter of last year, while the Feed division’s operational EBIT increased EUR 5 million (USD 5.5 million) to EUR 25 million (USD 27.3 million).
Mowi will release its complete Q3 2024 report on 6 November 2024.
