Mowi Reports Strong Results for Second Quarter
![Mowi Reports Strong Results for Second Quarter](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
Strong Operational Performance in Q2
Mowi generated EUR 1.34 billion in operating revenues in the second quarter, translating into an operational profit of EUR 230 million. The improvement in results was driven by effective operations across all business areas, including record-high seasonal growth in sea and reduced farming costs.
Record Harvest and Growth Prospects
Mowi harvested a record 110,000 tonnes of salmon in the second quarter, with biomass in sea at an all-time high level at the end of the quarter, up by 9.4% from last year. CEO Ivan Vindheim emphasized Mowi's commitment to delivering its volume guidance of a milestone 500,000 tonnes this year. The company has significantly increased production from 375,000 tonnes harvested in 2018.
Strategic Growth Initiatives
Volume growth is a key strategic pillar for Mowi, which is expected to significantly outgrow the market in 2024, with a company growth projection of 5.3% compared to an industry growth of 0.8%. Mowi plans to continue faster growth through larger smolt and postsmolt utilization in Norway and Scotland, along with higher smolt stocking levels globally.
Sustainability Commitment
Sustainability remains a fundamental pillar for Mowi. TIME Magazine recognized Mowi as one of the World's 500 Most Sustainable Companies for 2024, underscoring the company's commitment to corporate responsibility and sustainable practices.
Market Strategies
Vindheim stated that the international community embraces Mowi’s ESG efforts and the unique sustainable features of Atlantic salmon, which ranks as one of the world's most sustainable animal proteins. Mowi Consumer Products also reported increased earnings due to strong operational performance, despite facing temporary market challenges in the US and margin pressure in Europe due to high raw material prices.
Dividend Announcement and Future Outlook
Mowi’s Board has decided to pay a quarterly dividend of NOK 1.70 per share. Regarding Mowi Feed, volumes reached a record high with a 14% increase compared to the previous year, driven by strong feed demand in Europe.
Company Overview
Mowi ASA stands as one of the world's foremost seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 500,000 tonnes from multiple farming countries. The company is fully integrated, providing supreme quality salmon and seafood globally, partly under its MOWI brand. Mowi has been ranked as the most sustainable listed animal protein producer worldwide.
Contact Information
For further 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, Group Communications Director, +47 970 67 932
Frequently Asked Questions
What were Mowi's revenues in the second quarter?
Mowi generated EUR 1.34 billion in operating revenues during the second quarter.
How much salmon did Mowi harvest in the second quarter?
Mowi harvested a record 110,000 tonnes of salmon in the second quarter.
What is Mowi's growth projection for 2024?
Mowi is expected to grow by 5.3% in 2024, outpacing the industry growth of 0.8%.
What sustainability recognition has Mowi received?
Mowi was named in TIME Magazine's list of the World's 500 Most Sustainable Companies for 2024.
What is Mowi's quarterly dividend?
Mowi's Board has decided to pay a quarterly dividend of NOK 1.70 per share.
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