Bergen, Norway-headquartered Mowi harvested 96,500 metric tons (MT) of gutted-weight equivalent (GWE) Atlantic salmon in Q1 2024, a 6,000-MT decline from Q1 2023.
According to Mowi’s latest trading statement, published 18 April 2024, its Farming Norway segment harvested 55,000 MT in Q1 2024, down from 65,500 MT in Q1 2023. For the same period, Farming Scotland reported an increase to 14,500 MT, up from 11,000 in Q1 2023; Farming Chile reported 12,500 MT, up from 10,500 MT; Farming Canada reported 8,500 MT, up from 7,500 MT; Farming Ireland reported 1,000 MT, flat from last year’s 1,000 MT; Farming Faroes reported 2,500 MT, up from 2,000 MT; and Farming Iceland Arctic Fish reported 2,500 MT, down from 5,000 MT.
The group’s blended farming cost per kilogram harvested in the three-month period was EUR 6.05 (USD 6.46). Mowi said issues with winter sores and string jellyfish have resulted in low superior share and average size on fish harvested in Norway, impacting price and cost performance.
Mowi estimated its operational earnings before interest and taxes (EBIT) in Q1 2024 to be around EUR 201 million (USD 214.6 million), down EUR 121 million (USD 129.2 million) from Q1 2023. However, that quarter was marked by a EUR 100 million (USD 106 million) jump compared to 2022.
Mowi calculated its total operational EBIT per kilogram through its value chain at approximately EUR 2.50 (USD 2.67) for Norway, EUR 2.20 (USD 2.35) for Scotland, EUR 0.95 (USD 1.01) for Chile, EUR 3.90 (USD 4.16) for Ireland, 3.50 (USD 3.74) for the Faroes, and EUR 3.80 (USD 4.06) for Iceland. Canada was the only segment with a negative result, posting a loss of EUR 0.25 (USD 0.27).
The operational EBIT in Mowi’s Consumer Products segment for the quarter was EUR 24 million (25.6 million), while its Feed segment’s operational earnings before interest, taxes, depreciation, and amortization (EBITDA) was EUR 6 million (USD 6.4 million). Mowi's eported financial net interest-bearing debt (NIBD) was EUR 1.82 billion (USD 1.9 billion) at the end of the quarter.
Mowi’s complete Q1 2024 report will be released on 8 May.
Frøya, Norway-headquartered SalMar also issued a Q1 2024 trading update on 10 April 2024. The firm harvested a total 52,900 MT of salmon in the quarter, up from 48,500 MT a year previously. Its
In 2023, SalMar recorded a record-high harvest volume of 254,100 MT, an increase of 31 percent year-on-year. However, it said there will be a 20,000-MT reduction in its harvest volume for Norway in 2024 due to mortalities caused by jellyfish. Its Norwegian farms are now forecast to produce 237,000 MT, while its volume guidance remained unchanged at 7,000 MT for SalMar Aker Ocean, 15,000 MT for Iceland, and 37,000 MT for Scotland.
