Big rise in Mowi Q4 operational profit

MOWI today reported an operational EBIT  or profit of 239 million euros for the final quarter of 2022 – almost €100m higher than in the same period last year.

The star performer was Mowi Norway, but its Scottish and Irish operations, which have been experiencing varying biological issues, produced lower harvests than a year ago.

The total group harvest was 130,500 tonnes against 115,000 tonnes in Q4 2021.

The farming Scotland Q4 harvest was 10,500 tonnes, down by 1,500 tonnes on Q4 2021 while farming Ireland produced just 500 tonnes, again 1,500 tonnes 12 months earlier.

Farming Canada produced an unchanged total of 10,000 tonnes while farming Chile saw its output increase by 2,000 tonnes to 18,500 tonnes.

The operational EBIT was €239m (£211m)  against €146m (£129m)  in Q4 2021.

Mowi said the operational EBIT in Consumer Products was €42m (€26m in Q4 2021) and Feed €17m (€8m in Q4 2021).

It added that the operational EBIT through the value chain for salmon of Irish origin was minus €5m, due to  very low volumes and challenging biology.

The reported financial net interest-bearing debt (NIBD) for the group was approximately €1,760m at the end of the quarter (excluding IFRS 16 effects), of which approximately €70 million involved the purchase of a majority stake in the Icelandic company Arctic Fish.

Total Operational EBIT per kg through the value chain was approximately as follows:

Norway   €2.30
Scotland   €0.70
Chile  € 1.10
Canada   €1.50    (Canada West  €2.15)
Faroes   €1.75

The complete Q4 2022 report will be released on 15 February


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