Mowi recently released a trading update on its Q1 2023 results showing the company’s earnings have outstripped 2022 by over EUR 100 million (USD 109 million).
The preliminary numbers show Mowi posted operational earnings before interest and taxes (EBIT) of EUR 322 million (USD 353.3 million) in Q1, well above the EUR 207 million (USD 227 million) posted in Q1 2022. Operational EBIT for the company’s consumer products division also increased from EUR 21 million (USD 23 million) in Q1 2022 to EUR 37 million (USD 40 million) in Q1 2023.
The company’s harvest volume exceeded expectations in the quarter, with volumes across all farming locations reaching 102,500 metric tons (MT) gutted weight equivalent (GWE) compared to the guidance of 98,000 MT GWE.
Several farming divisions either met or exceeded harvest performance expectations. Norway was expected to have a harvest of 63,000 MT GWE in Q1 2023, and posted an actual harvest of 65,500 MT. Farming Scotland also exceeded expectations, posting a harvest of 11,000 MT GWE in Q1 2023 compared to the expected 10,000 MT GWE. Canada posted a harvest of 7,500 MT GWE, compared to an expectation of 7,000 MT GWE, Iceland harvested 5,000 MT GWE compared to an expected 4,500 MT GWE, Ireland harvested 1,000 MT GWE compared to an expectation of 500 MT GWE, and the Faroes met expectations with a harvest of 2,000 MT GWE – in line with the guidance.
Chile, meanwhile, lagged behind expectations, posting a 10,500 MT GWE harvest volume in Q1 2023 compared to the expected 11,000 MT.
In addition to having the largest harvest, Norway also posted the best operational EBIT per kilogram through the value chain, earning EUR 3.75 (USD 4.11) per kilogram. Second-best was the Faroes Islands, earning EUR 3.30 (USD 3.62) per kilogram.
The worst performer was Mowi’s Chilean division, which posted an operational EBIT of EUR 1.50 (USD 1.64).
The company’s full detailed Q1 2023 report will be released on 10 May.
Photo courtesy of Mowi
