Bergen, Norway-headquartered Mowi saw larger harvests and higher earnings in Q3 2022 compared to Q3 2021, in part thanks to big harvests at its Norwegian operations.
Mowi achieved a company-wide salmon harvest of 134,000 metric tons (MT) in the third quarter 2022, representing a volume increase of 17,000 MT compared to the corresponding period of 2021, and 2,000 MT more than its previous guidance for the period.
According to Mowi’s latest trading update, its Norwegian operations produced 87,500 MT of gutted-weight equivalent (GWE) salmon in the last quarter, up from 71,000 MT in Q3 2021. At the same time, Chile’s harvest of 17,000 MT was an increase of 2,000 MT over its 2021. Its Scottish and Canadian harvests, however, fell from 15,000 MT each to 14,500 and 11,000 MT, respectively, in Q3 2022.
Mowi harvested 2,000 MT of salmon in both Ireland and the Faroe Islands, with its Irish volume on par with a year previously and its Faroese total falling 1,000 MT.
Mowi achieved operational earnings before interest and taxes (EBIT) of approximately EUR 240 million (USD 234.3 million) in Q3 2022, up from EUR 131 million (USD 127.9 million) in Q3 2021.
Mowi said its Scotland and Ireland segments were negatively impacted by environmental issues related to micro-jellyfish, with the incident-based mortality valued at EUR 0.50 (USD 0.49) per kilogram in Scotland and EUR 3.00 (USD 2.93) per kilogram in Ireland.
Mowi’s salmon of Norwegian, Chilean, and Faroese origin achieved higher year-on-year operational EBITs of EUR 2.55 (USD 2.49), EUR 1.25 (USD 1.22), and EUR 1.05 (USD 1.02) per kilogram in the quarter.
Operational EBITs of its salmon from Scottish origin was down in the same period, reaching EUR 0.30 (USD 0.29), and its salmon of Canadian and Irish origin had respective operational losses of EUR 0.35 (USD 0.34), and EUR 1.20 (USD 1.17).
Mowi said its operational EBIT in its Consumer Products segment was EUR 30 million (USD 29.3 million), up EUR 8 million (USD 7.8 million) compared with Q3 2021, while its Feed segment’s operational EBIT was EUR 15 million (USD 14.6 million), EUR 5 million (USD 4.9 million) higher than in Q3 2021.
Its reported net interest bearing debt (NIBD) was approximately EUR 1.36 billion (USD 1.3 billion) at the end of Q3.
Mowi's full Q3 2022 report will be released on 9 November, 2022.
Photo courtesy of Mowi
