Mowi’s year-on-year operating profit jumped 83% in Q3
But micro-jellyfish problems impacted earnings in Scotland and Ireland
Mowi made an operating profit of €240 million in the third quarter of this year, an 83% increase compared to the same period last year, the company said in a market update today.
The improved performance was achieved despite earnings being impacted by micro-jellyfish in Scotland and Ireland, and losses in Canada East, which had to cull fish in the previous quarter because of disease.
Mowi harvested 134,000 gutted weight tonnes, 3,000 gwt higher than guided in its Q2 2022 report and up from 117,115 gwt in Q3 2021. The increase was primarily attributable to a larger harvest in Norway.
The Q3 2022 harvest volumes by country were:
- Farming Norway 87,500 gwt (Q3 2021: 71,024)
- Farming Scotland 14,500 gwt (14,968)
- Farming Chile 17,000 gwt (14,945)
- Farming Canada 11,000 gwt (11,065)
- Farming Ireland 2,000 gwt (2,215)
- Farming Faroes 2,000 gwt (2,889)
- Total 134,000 gwt (117,115)
Norway was Mowi’s most profitable operation.
Total operational EBIT per kg through the value chain was:
- Norway €2.55 (Q3 2021: €1.39)
- Scotland €0.30 (€0.90)
- Chile €1.25 (€0.93)
- Canada €-0.35 (Canada West: €0.80) (Q3 2021: €-0.01)
- Ireland €-1.20 (€1.84)
- Faroes €1.05 (€0.86)
“Farming Scotland and Ireland were negatively impacted by environmental issues related to micro-jellyfish; incident-based mortality was €0.5/kg in Scotland and €3/kg in Ireland,” stated Mowi.
Operational EBIT in Consumer Products was €30 m (Q3 2021: €22 m) and Feed €15 m (€10 m).
Mowi’s full Q3 report will be released on November 9