Mowi chief executive Ivan Vindheim: "Volume growth is one of Mowi’s strategic pillars."

Mowi reports record revenue and harvest volumes in Q3

Global salmon giant expects to produce half a million tonnes next year

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The world’s biggest Atlantic salmon farmer, Mowi, today reported record-high operational revenue of €1.36 billion (£1.18bn) in the third quarter of 2023.

The company also harvested a record-high volume of 135,000 gutted weight tonnes of salmon in the quarter, around 1% more than the 133,808 gwt harvested in the same period last year. 

Operating profit was €203m, lower than the record €240m made in Q3 2022, largely due to a €35m hit for converting a weaker Norwegian kroner into Euros. On the NOK basis, Mowi made operating EBIT of NOK 2.3 billion in Q3 2023, compared to NOK 2.4bn in Q3 2022.

Full-year harvest volume guidance for 2023 is maintained at a record-high 484,000 gwt, and the company expects to harvest 500,000 gwt next year. That will mark an increase in annual harvest volumes of 125,000 gwt compared to 2018, when the company harvested 375,000 gwt.

500,000 tonnes

“Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been impressive in recent years where crossing 500,000 tonnes in farming volumes particularly stands out,” said chief executive Ivan Vindheim in a press release.

Volume guidance for 2023 in Norway, Mowi’s most important production region, has been increased to a record-high 295,000 tonnes from 290,000 tonnes, following good seawater growth and operational performance. Volume guidance for 2024 has been set to 305,000 tonnes and crosses the 300,000 tonnes mark for the first time in Mowi’s 60-year history.

“Crossing the 300,000 tonnes mark in Norway is a milestone for the company and is cementing Mowi Norway’s strong licence utilisation and production efficiency. I am deeply impressed with our Norwegian organisation that continues to deliver growth and results,” Vindheim said.

Mowi also farms salmon in Scotland, Chile, Canada, Ireland, Iceland, and the Faroe Islands.