Mowi’s end-of-year profits fall despite increased salmon harvest
Bergen, Norway-headquartered salmon farmer Mowi ASA achieved operational earnings before interest and taxes (EBIT) of EUR 165 million (USD 184.1 million) in the fourth quarter of last year, which was EUR 48 million (USD 55.6 million) less than it posted for the corresponding period of 2018.
According to the group’s latest trading update, the total volume harvested in the last quarter was 116,000 metric tons (MT) gutted weight equivalent (GWE), up from 106,000 MT in Q4 2018.
Mowi had previously guided a total harvest volume of 110,000 MT for the final three months of 2019.
Its total harvested volume in the period comprised 66,000 MT from Norway, up from 59,000 MT in Q4 2018; 14,000 MT from Scotland, up from 12,000 MT in Q4 2018; 16,000 MT from Canada, up from 12,000 in Q4 2018; 16,500 MT from Chile, down 500 MT from Q4 2018; 1,000 MT from Ireland, down from 1,500 MT in Q4 2018; and 2,500 MT from the Faroes, down from 4,500 MT in Q4 2018.
The operational EBIT of salmon of Norwegian origin in Q4 2019 fell to EUR 2.10 (USD 2.34) per kilogram from EUR 2.45 (USD 2.73) a year previously. Operational EBIT declines were also seen in its salmon of Scottish, Canadian, and Chilean origin, which amounted to EUR 1.30 (USD 1.45), EUR 0.55 (USD 0.61) and EUR 0.80 (USD 0.89) per kilogram, respectively.
Meanwhile, the operational EBIT for salmon of Irish and Faroese origin increased to EUR 3.30 (USD 3.68) and EUR 1.65 (USD 1.84) per kilogram, respectively.
Mowi’s complete Q4 2019 report will be released on 12 February.
Photo courtesy of Mowi