Bergen, Norway-based Mowi harvested 107,500 metric tons (MT) of Atlantic salmon in Q2 2023, up from its guidance of 104,500 MT and above its Q2 2022 production of 103,000 MT.
Its Norwegian farms accounted for more than half of its total quarterly production at 61,500 MT, up from 60,000 MT a year ago.
In its Q1 2023 results, Mowi said it expected to harvest 104,500 MT gutted-weight equivalent (GWE) in Q2 2023, but it exceeded that figure primarily due to higher production in Scotland.
Its Scottish operations produced 18,000 MT, up from 13,000 MT in Q2 2022. In Chile, Mowi produced 14,000 MT of salmon, down from 14,500 MT in Q2 2022. In Canada, its production was 9,500 MT, down from 10,500 MT in Q2 2022. In Ireland, Mowi produced 1,500 MT of salmon, down from 3,500 MT in Q2 2022. In the Faroe Islands, it produced 3,000 MT, down from 3,500 MT.
And Mowi added 500 MT of production at Arctic Fish, which it acquired in November 2022 from SalMar.
Mowi’s operational earnings before interest and tax (EBIT) reached approximately EUR 300 million (USD 336 million) in Q2 2022, down from EUR 320 million (USD 359 million) in Q2 2022. Its operational EBIT in its consumer products division was EUR 37 million (USD 41.5 million), up from EUR 18 million (USD 20.2 million) in Q2 2022. Its operational EBITDA in its feed division was EUR 10 million (USD 11.2 million) in Q2 2023, up from EUR 6 million (USD 6.7 million) in Q2 2022.
Mowi reported financial net interest-bearing debt at around EUR 1.67 billion (USD 1.87 billion) at the end of the quarter, of which EUR 90 million (USD 101 million) came via its acquisition of Arctic Fish.
Its operational EBIT per kilogram of salmon produced was EUR 3.35 (USD 3.76) in Norway; EUR 2.30 (USD 2.58) in Scotland; EUR 1.80 (USD 2.02) in Chile; EUR 1.30 (USD 1.46) in Canada; EUR 1.40 (USD 1.57) in Ireland, and EUR 4.60 (USD 5.16) in the Faroes.
Mowi said its full Q2 2023 report will be released 23 August, 2023.
The company achieved record profit and revenue in Q1 2023, but warned of the potential long-term consequences that would likely follow the introduction of Norway’s new aquaculture resource tax.
Photo courtesy of Mowi
