A Mowi Scotland farm at Carradale. Mowi Scotland contributed an operating profit of €0.90 per kilo to Mowi's improved Q3 earnings. Photo: Mowi Scotland.

Mowi Q3 profit rises 64% despite €11m hit in Canada

The world’s biggest salmon farmer, Mowi, made an operating profit of €131 million (£110.5m) on a harvest of 117,000 gutted weight tonnes in the third quarter of this year.

Published Last updated

The harvest volume was 7,000 gwt more than guided in Q2, and operational EBIT (operating profit) was €51m higher than the €80m made in the same period last year – an increase on almost 64%.

In a market update Mowi said €11m was knocked off the potential operating profit due to extraordinary mortalities in Canada - €6m due to a plankton bloom incident in Canada West and €5m in connection with a low oxygen incident in Canada East.

Blended farming cost per kg harvested was €4.59. The extraordinary mortalities in Canada affected total margin in the quarter by €0.09/kg.

EBIT per kg per region

Total operational EBIT (operating profit) per kg through the value chain was approximately:

  • Norway €1.40
  • Scotland €0.90
  • Chile €0.90
  • Canada €0.00
  • Ireland €1.85
  • Faroes €0.85

Operational EBIT in Mowi’s Consumer Products division was €22m (Q3 2020: €21m) and €10m (€12m) in Feed.

The full Q3 report will be released on November 10.