A farm technician at Mowi's Carradale site. Mowi harvested 18,500 tonnes of salmon in Q1, twice as much as in Q1 2020. Photo: Mowi.

Mowi Scotland doubles first quarter harvest

Mowi Scotland harvested 18,500 tonnes (gutted weight equivalent) of salmon in the first quarter of this year, twice the volume harvested in Q1 2020 when volumes had been impacted by biological problems in 2019.

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The Scottish operation also made the second highest operating profit per kilo in Q1 2021, after organic salmon producer Mowi Ireland.

Globally Mowi harvested 125,500 tonnes in Q1, which was 9,500 tonnes more than guided in its Q4 2020 results, it said in a market update today.

The harvest volumes were:

Farming Norway 75,000 tonnes
Farming Scotland 18,500 tonnes
Farming Canada 10,500 tonnes
Farming Chile 19,500 tonnes
Farming Ireland 1,000 tonnes
Farming Faroes 1,000 tonnes
Total  125,500 tonnes

Operational earnings before interest and tax (EBIT) were €109 million, identical to the same period in 2020.

Mowi Ireland was the star performer economically with EBIT per kilo of €4.55. Mowi Scotland’s achieved EBIT per kilo of €1.45, while Mowi Canada made a loss.

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

Norway €1.0
Scotland €1.45
Canada €-0.35
Chile €0.40
Ireland €4.55
Faroes €0.50

Operational EBIT in Mowi’s Consumer Products division was €32 million and in Feed €-3 million.  

Reported financial net interest-bearing debt was approximately €1.275 billion at the end of the quarter.

The complete Q1 2021 report will be released on May 19.