RECORD-HIGH REVENUES AND VOLUMES FOR MOWI
Record-high revenues and volumes for Mowi in the third quarter
Mowi generated record-high operating revenues of EUR 1.44 billion in the third quarter which translated into an operational profit of EUR 173 million.
“This was yet another good quarter for Mowi, with our best ever seawater production and harvest volumes of 161,000 tonnes. We’ve never had more fish in the sea, with biomass in sea up 4.4% year-on-year at quarter end,” Mowi CEO Ivan Vindheim said.
Mowi is well positioned to meet its harvest volume guidance for 2024 of a milestone 500,000 tonnes. Furthermore, record-high biomass in sea supports 2025 volume guidance of 520,000 tonnes, the first step towards Mowi’s next milestone of harvesting 600,000 tonnes of salmon, expected in 2029.
520,000 tonnes in 2025 represents growth of 145,000 tonnes since 2018, equivalent to 4.8% CAGR vs. 2.7% average for the industry. Continued growth in Mowi’s farming operations will in turn lead to growth in the company’s other two divisions – Consumer Products and Feed.
“It is a privilege to work in an organisation that is always striving to improve and take the company to the next level. We aim to continue growing faster than the wider industry, by expanding our use of postsmolt and through increased smolt release. We expect another year with limited supply growth for the wider industry at 2% or lower,” Vindheim said.
Mowi’s farming costs fell in the third quarter vs the first and second quarters on the back of lower feed prices and economies of scale on higher volumes. A continuing downward trend in feed prices is expected to contribute to further cost reductions, in addition to savings all across the value chain on the back of Mowi’s own cost savings programme worth EUR 300-400 million over the next five years.
Mowi Consumer Products, the group’s value-added business, delivered record-high results in the third quarter on good operational performance, strong volumes and seasonally lower raw material prices.
“We see good retail demand for our products, and expect demand in the restaurant sector to improve as consumer purchasing power increases fuelled by falling interest rates and rising wages,” Vindheim said.
Mowi Feed delivered the best quarterly result ever, on all-time high earnings and record-high volumes. This positive volume development was driven by good seawater growth and demand from Farming.