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Mowi harvests more salmon but makes less money in Q4

Mowi Scotland harvested an extra 2,200 gwt in Q4 2019 compared to the same period the year before, but operational EBIT per kilo fell.
Mowi Scotland harvested an extra 2,200 gwt in Q4 2019 compared to the same period the year before, but operational EBIT per kilo fell.

Mowi harvested more fish but made less operating profit per kilo in most regions in the last quarter of 2019 compared to the same period the previous year, it said in an update today.

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The world’s biggest Atlantic salmon farmer harvested a total of 116,000 tonnes in Q4 2019, compared with approximately 104,000 tonnes in Q4 2018. The guidance in last year’s Q3 report had been for 110,000 tonnes.

Operating EBIT for the Group was approximately €165 million in Q4 2019 (€213m in Q4 2018).

Operational EBIT per kg fell in Norway, Chile and Canada, but rose in Ireland and the Faroes, Mowi’s lowest-volume regions.

Operational EBIT per kg for the different regions is as follows:

  • Norway      2.10 (Q4 2018: 2.44)
  • Scotland     1.30 (2.32)
  • Canada      -0.55 (1.42)
  • Chile           0.80 (1.25)
  • Ireland       3.30 (2.45)
  • Faroes        1.65 (1.36)

Reported Q4 harvest volumes (in gutted weight tonnes) are as follows:

  • Norway      66,000 gwt (Q4 2018: 58,600 gwt)
  • Scotland     14,000 gwt (11,800 gwt)
  • Canada       16,000 gwt (11,800 gwt)
  • Chile           16,500 gwt (17,200 gwt)
  • Ireland       1,000 gwt (1,600 gwt)
  • Faroes        2,500 gwt (4,300 gwt)
  • Total           116,000 gwt (104,000 gwt)

The full Q4 report will be released on February 12.

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