Mowi Reports Strong Operational Performance in Q2
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Mowi Reports Strong Operational Performance in Q2
Mowi reported revenues of 1.34 billion euros and an operational EBITDA of 230 million euros in the second quarter.
The company achieved significant improvements during the quarter due to excellent operational performances, record-high seasonal harvest volumes, growth, and reduced costs.
Record Harvest Volumes
– Mowi harvested 110,000 tons of salmon in the second quarter, which is a record for this time of year. We also have the highest amount of salmon in the sea, 9.4% more than last year. This is impressive and shows that we are well on our way to achieving our target of 500,000 tons for 2024. Back in 2018, we harvested 375,000 tons, says CEO Ivan Vindheim.
Growth Strategy and Sustainability
Volume growth is one of the pillars of Mowi's strategy, and Vindheim is pleased that the company is once again expected to grow significantly more than the rest of the industry in 2024, with 5.3% annual growth compared to 0.8% for the rest of the industry.
– Our goal is to grow faster than the rest of the industry even after 2024, through increased use of post-smolt in Norway and Scotland, as well as generally higher smolt releases across our global aquaculture operations to utilize available capacity, Vindheim adds.
Sustainability is another key strategic pillar for Mowi. The renowned magazine TIME named Mowi one of the world's 500 most sustainable companies in 2024, highlighting the company's social responsibilities and sustainable practices. Mowi has previously been named the world’s most sustainable protein producer by prestigious Coller FAIRR for five consecutive years.
– We are pleased that the world continues to value Mowi's sustainability efforts and the unique product properties of salmon, making it one of the world's most sustainable animal proteins, Vindheim states.
Financial Performance and Market Challenges
Mowi Consumer Products, the corporation's processing division, saw increased earnings compared to the first quarter due to good operational performance.
– The increased earnings in the second quarter reflect strong underlying performances. However, we see that results are somewhat hindered by a challenging U.S. market and general pressure on margins in Europe due to high raw material prices. Nevertheless, the underlying demand for European salmon is very good. Furthermore, we expect an improvement in demand for U.S. salmon as the overall economy continues to recover and prices in stores decrease, Vindheim explains.
Mowi's feed production, Mowi Feed, also delivered another strong quarter with record volumes and record earnings for this part of the year.
– Our feed performed excellently in the second quarter, resulting in record-high growth for our aquaculture business. We anticipate further increases in volumes and earnings in the third quarter, Vindheim affirms.
The board of Mowi has decided on a dividend of 1.70 Norwegian kroner per share for the second quarter.
About Mowi ASA
Mowi is one of the world’s leading seafood companies and the largest producer of Atlantic salmon with an estimated harvest volume of 500,000 tons in 2024 from seven farming countries. Mowi is a global, fully integrated seafood company supplying salmon and other seafood to customers worldwide, partially under its own brand – MOWI. Mowi has been ranked as the world’s most sustainable producer of animal protein by Coller FAIRR.
Mowi has its headquarters in Bergen, employs 11,500 people in 25 countries, and is publicly traded on the Oslo Stock Exchange. Revenues in 2023 amounted to 5.5 billion euros.
For more information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339
Ola Helge Hjetland, Communications Director, +47 970 67 932
Frequently Asked Questions
What were Mowi's revenues in the second quarter?
Mowi reported revenues of 1.34 billion euros in the second quarter.
How much salmon did Mowi harvest in the second quarter?
Mowi harvested 110,000 tons of salmon in the second quarter.
What is Mowi's growth target for 2024?
Mowi aims to achieve a harvest target of 500,000 tons for 2024.
What did the TIME magazine recognize Mowi for?
TIME named Mowi one of the world's 500 most sustainable companies in 2024.
What is the recently declared dividend per share by Mowi?
Mowi's board declared a dividend of 1.70 Norwegian kroner per share for the second quarter.
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