Strong Operational Performance in Q2
In the second quarter, Mowi achieved impressive operating revenues of EUR 1.34 billion, resulting in an operational profit of EUR 230 million. This positive outcome was largely attributed to efficient operations across all sectors, marked by record seasonal growth in sea and reduced farming costs.
Record Harvest and Growth Prospects
Mowi set a new record by harvesting 110,000 tonnes of salmon in the second quarter, with biomass levels in the sea reaching an unprecedented high at the end of the quarter, reflecting a 9.4% increase from the previous year. CEO Ivan Vindheim highlighted Mowi's dedication to meeting its ambitious volume target of 500,000 tonnes this year, a significant increase from the 375,000 tonnes harvested in 2018.
Strategic Growth Initiatives
Volume growth is a crucial strategic focus for Mowi, which anticipates significantly surpassing market growth in 2024, projecting a company growth rate of 5.3% compared to the industry's 0.8%. To facilitate this growth, Mowi plans to enhance its operations by utilizing larger smolt and postsmolt in Norway and Scotland, as well as increasing smolt stocking levels globally.
Sustainability Commitment
Sustainability is a core value for Mowi. The company was recognized by TIME Magazine as one of the World's 500 Most Sustainable Companies for 2024, highlighting its commitment to corporate responsibility and sustainable practices.
Market Strategies
Vindheim noted that the global community appreciates Mowi’s efforts in environmental, social, and governance (ESG) initiatives, as well as the unique sustainable qualities of Atlantic salmon, which is regarded as one of the most sustainable animal proteins worldwide. Mowi Consumer Products also reported improved earnings due to strong operational performance, despite encountering temporary market challenges in the US and margin pressures in Europe due to elevated raw material prices.
Dividend Announcement and Future Outlook
The Board of Mowi has announced a quarterly dividend of NOK 1.70 per share. Additionally, Mowi Feed achieved record volumes with a 14% increase compared to the previous year, fueled by robust feed demand in Europe.
Company Overview
Mowi ASA is recognized as one of the leading seafood companies globally and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 500,000 tonnes from various farming nations. The company operates with full integration, delivering top-quality salmon and seafood worldwide, partly under its MOWI brand. Mowi has been acknowledged as the most sustainable listed producer of animal protein globally.
Contact Information
For additional information, please reach out to:
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.
