Mowi Scotland’s Q4 harvest unchanged at 10,500 tonnes


Mowi Scotland harvested 10,500 tonnes of salmon in the final quarter of 2023. The figure was unchanged from the equivalent quarter the year before but the operation produced a loss, a trading update from the company today shows.

Globally, Mowi – the world’s largest salmon farmer – produced 129,000 tonnes during the period and a record 476,000 tonnes during the whole of 2023.

Analysts have said that the results were better than expected.

The international breakdown is as follows (Q4 2022 figures in brackets)

  • Farming Norway 81,000 tonnes (87,000 tonnes)
  • Farming Scotland 10,500 tonnes (10,500 tonnes)
  • Farming Chile 27,500 tonnes (18,500 tonnes)
  • Farming Canada 4,000 tonnes ( 11,000 tonnes)
  • Farming Ireland 1,000 tonnes (500 tonnes)
  • Farming Faroe Islands 3,500 tonnes (3,000 tonnes)
  • Iceland (Arctic Fish) 2,500 tonnes*

Mowi said the Operational EBIT for the group was approximately €203m in Q4 2023 (£175m) against €239m (£205m) in Q4 2022. Farming costs were €5.58 per kg (£4.79) in the quarter.

Operating profit for the fourth quarter was higher than the €195m (£167m) euros expected by the analysts who cover the company.

The profit/loss breakdown per kilo is as follows (Q4 2022 figures in brackets)

  • Norway €2.4 ( €2.30)
  • Scotland loss of €0.10 (profit €0.70)
  • Chile €0.40 (€1.10)
  • Canada loss of €1.20 (profit €1.10)
  • Faroes €2.15 ( €1.75)

Mowi said the operational EBIT in Consumer Products was €38m (£32.7m) against €43m (£37m) in Q4 2022.

The operational EBITDA in feed was €16m (£13.7m) in Q4 2023 (Q4 2022: €21m)

in the fourth quarter of 2022.

The reported financial net interest-bearing debt for the group was approximately €1,790 million (£1,543m) at the end of the quarter.

The full Q4 2023 report will be released on 14 February.

* Mowi had no operations in Iceland in 2022



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