Mowi Q1 profits climb, salmon harvest exceeds forecast

Published on
April 15, 2019

Bergen, Norway-headquartered salmon producer Mowi achieved operational earnings before interest and taxes (EBIT) of approximately EUR 194 million (USD 219.6 million) in the first quarter of this year, representing an increase of EUR 36 million (USD 40.7 million) compared to the corresponding period of 2018.

According to the company’s latest trading update, the operational EBIT of its salmon of Norwegian origin in the last quarter was EUR 2.05 (USD 2.32) per kilogram – down from EUR 2.25 (USD 2.55) in Q1 2018. However, operational EBIT increases were seen in its salmon of Scottish and Canadian and Chilean origin compared to a year previously – amounting to EUR 2.25 (USD 2.55), EUR 1.40 (USD 1.58) and EUR 1.45 (USD 1.64), respectively. 

The total volume harvested by the group in Q1 2018 was 104,000 (MT) gutted weight equivalent, up 23,000 MT from a year previously and 2,000 MT more than forecast earlier in the year.

Its total volume in the last quarter comprised 51,000 MT from Norway, 15,500 MT from Scotland, 10,000 MT from Canada and 20,000 MT from Chile.

Also in the last quarter, the company’s operations in Ireland and the Faroe Islands harvested 1,500 MT and 1,000 MT respectively, achieving operational EBITs of EUR 4.35 (USD 4.92) and EUR 1.70 (USD 1.92) per kilogram.

Reported net interest-bearing debt was approximately EUR 1.02 billion (USD 1.2 billion) at the end of Q1 2019, up from EUR 860 million (USD 973.4 million) a year previously.

Mowi’s complete Q1 2019 report will be released on 7 May.

Contributing Editor reporting from London, UK

 Twitter at @SeafoodGuruSome

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