Mowi's Inishfanard organic salmon farm in Ireland. The Irish operation delivered the best EBIT per kilo in Q3. Photo: Mowi.

Mowi operating profit down by 46% for Q3

Mowi’s operating profit for the third quarter of this year was €80 million, a fall of 46% compared to the €148m made in Q3 2019, it revealed in a market announcement today.

Published Last updated

The salmon farmer harvested a total of 126,000 tonnes (gutted weight equivalent) in the six countries where it farms, which was 2,000 fewer tonnes than guided but higher than the previous Q3 record of 117,000 tonnes set last year.

The distribution of the harvest was:

  • Farming Norway          76,500 tonnes
  • Farming Scotland        16,000 tonnes
  • Farming Canada          12,000 tonnes
  • Farming Chile               16,500 tonnes
  • Farming Ireland            3,000 tonnes
  • Farming Faroes            2,000 tonnes
  • Total                            126,000 tonnes

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

  • Norway      €0.85 (Q3, 2019: €1.64)
  • Scotland     €0.35 (€1.34)
  • Canada       €-0.55 (€-0.01)
  • Chile           €0.55 (€1.32)
  • Ireland       €1.85 (€1.11)
  • Faroes        €1.30 (€1.42)

Only Mowi’s Irish operation, which largely produces organic salmon, had a higher EBIT per kilo than in the same period last year.

An EBIT / kg in Norway of €0.85, corresponding to about NOK 9.1, is probably the weakest in many years. The figure below shows the quarterly development over the last five quarters.

The complete Q3 2020 report will be released on 4 November.