A Mowi Scotland farm in Loch Hourn. The company more than doubled operating profit in Q2 compared to the same period last year.
A Mowi Scotland farm in Loch Hourn. The company more than doubled operating profit in Q2 compared to the same period last year.

Mowi made record revenue of €1.365bn in Q2

Norwegian giant also made strong operating profit and reported improved fish survival

Published

Atlantic salmon farmer Mowi recorded all-time high revenue of €1.365 billion in the second quarter of 2023, compared with €1.232bn in Q2 2022. Operational profit was also strong at €300 million (Q2 2022: €320m) in the quarter.

Mowi harvested 107,500 tonnes of salmon in the quarter, above guidance of 104,500 tonnes. Full-year harvest guidance for 2023 remains unchanged at an all-time high 484,000 tonnes, equal to growth of 4.4% year-over-year.

“In the second quarter, biological performance was positively impacted by improved production and survival rates compared with one year ago,” chief executive Ivan Vindheim said in a press release accompanying Mowi’s Q2 2023 report.

Better in Scotland

Mowi Scotland harvested 18,278 gutted weight tonnes in Q2, up from 12,954 tonnes in the same period last year. Operating profit increased from €20.7m in Q2 2022 to €41.8m.

Increased survival rates, improved harvest weights and relatively good seawater production contributed to the volume increase, in addition to proactive management of harvest plans to reduce biological risk in the latter part of the quarter.

“Biological performance in the quarter was relatively good, especially taking into consideration the record-high seawater temperatures,” stated Mowi. “However, the high temperatures caused some feeding issues due to the challenges of storing and handling feed in such high air temperatures. The high temperatures also led to more challenging environmental conditions related to increased presence of plankton, algae and jellyfish.”

Mowi Scotland recognised costs of €2.7m (€2.8m) for incident-based mortality.

Lower prices for Canada

In Canada, Mowi harvested a total of 9,352 gwt on the west and east coasts, (10,413 gwt), and operating profit fell from €31.2m in Q2 2022 to €12m due to lower market prices, reduced volumes and higher cost.

Operational performance was generally good for both Canada West and Canada East.

Mowi Ireland made an operating profit of €2.3 (€9.2) on a small harvest of 1,646 gwt (3,294 gwt) in what is a year of recovery after being impacted by biological issues in 2022.

Faroes performs well

There were much better results for Mowi’s other relatively small operation, in the Faroes. Mowi Faroes made an operating profit of €13m (€10.4m), its second highest ever, with a harvest of 2,840 gwt (1,802 gwt).

Norway remains Mowi’s biggest contributor. Mowi Norway made an operating profit of €206m (€235.2m) in Q2 on a harvest of 61,469 gwt (59,815 gwt).

Mowi Chile harvested 13,797 gwt (14,400 gwt) and made an operating profit of €25.3m (€15.3m).