Mowi Scotland operating profit rose by 142% in 2021
Mowi Scotland’s salmon farming division made an operating profit of €56.7 million (£47.6m) last year, an increase of 142% compared to the €23.4m made in 2020, according to figures presented by the company today.
When sales and marketing and feed production are included, Mowi made a €77.2m operating profit in Scotland last year, up from €46m in 2020.
The increase is partly due to higher achieved prices and partly to a higher harvest volume of 64,405 gutted weight tonnes (2020: 52,739 gwt).
Mowi Scotland’s operational EBIT per kg in 2021 was €1.20, up from €0.87 the year before.
Mowi Scotland was the company’s second biggest earner after Norway, which had operational EBIT of €389.4m, including sales and feed, on a harvest of 273,204 gwt last year. Operational EBIT per kilo was €1.43.
Mowi Chile, which harvested 65,958 gwt of salmon in 2021 – slightly more than in Scotland – had an operating profit of €47.1m, and an operational EBIT per kilo of €0.71. Mowi Chile made a €9.9m operating loss in 2020 after measures to stop the spread of Covid-19 depressed prices in the United States, which is the Chilean industry’s primary market.
In Canada, Mowi harvested 45,311 gwt of salmon but made a reduced operating loss of €10.4m, as earnings from improved operations in British Columbia were offset by costs of continuing biological problems in Newfoundland. Operating profit per kilo was €-0.23. Mowi Canada made an operating loss of €14.1m in 2020 on a harvest of 12,417 gwt.
Mowi Ireland, which grows organic salmon, delivered more bang for its buck than any other of the company’s regions, making an operating profit of €14.2m on a harvest of 6,790 gwt. It made an operational EBIT per kilo of €2.09 (2020: €2.62).
Mowi Faroes harvested 9,932 gwt last year and made an operating profit of €12.7m, which worked out at an operating EBIT per kilo of €1.28. The small number of sites Mowi has in the Faroes means that harvest volumes very substantially. In 2020 it made an operating loss of €1.1m on a harvest of 1,408 gwt.