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

Mowi-Figure-4-Mowi-Scotland-Farming-unb8tj97-scaled

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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