A Mowi salmon farm at Lough Swilly, County Donegal. Mowi Ireland, which produces organic salmon, had the highest operating profit per kilo in Q1. Photo: Mowi.

Lower harvest and higher operating profit for Mowi

Salmon farmer Mowi almost doubled operating profit in the first quarter of this year despite producing 22% fewer gutted weight tonnes of fish than in the same period last year and having higher costs.

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Mowi made operational EBIT of €207 million in Q1 2022 on a harvest of 97,000 gwt, it revealed in a market update. This compares to €109 m made in the first quarter of last year when it harvested a record Q1 volume of 125,468 gwt.

Blended farming cost per kilo harvested was €4.77, up from €4.20 per kilo year on year.

Salmon spot prices have been very high this year, boosting salmon farmers’ earnings.

Mowi’s harvests were close to expectations in all six of the countries where it farms, and all but two of its operations – Scotland and Ireland – improved operational EBIT per kilo compared to the same period last year.

Harvest volumes Q1 2022  
Farming Norway 

59,500 gwt (Q4 2021 guidance: 60K)

Farming Scotland 10,500 gwt (guidance 11K)
Farming Canada 9,000 (guidance 8K)
Farming Chile 16,000 gwt (guidance 17K)
Farming Ireland 1,000 gwt (guidance 0.5K)
Farming Faroes 1,000 gwt (guidance 1.5K)
Total 97,000 gwt (guidance 98K)
Operational EBIT per kilo  
Norway  €2.55 (Q1 2021: €0.98)
Scotland €1.00 (1.46)
Canada €2.55 (-0.36)
Chile €1.25 (0.40)
Ireland  €3.70 (4.55)
Faroes €1.50 (0.48)

Operational EBIT in Consumer Products was €21 m (€32 m in Q1 2021) and Feed € -4 million in Q1 2022 (€ -3 million in Q1 2021).  

Mowi’s complete Q1 2022 report will be released on May 11. The company is expecting to harvest 460,000 gwt of salmon this year, a slightly smaller volume than last year’s record of 466,000 gwt.