Mowi Achieves Unprecedented Success with Record Revenues
Mowi has proudly announced a record-breaking performance in 2024, marking a remarkable milestone in the company's history. With operating revenues hitting an astounding EUR 1.50 billion in the fourth quarter alone, the company has set a new standard in the aquaculture sector. This exceptional revenue translated into an operational profit of EUR 226 million, showcasing the strong financial health of the world’s largest aquaculture provider.
The gains in the fourth quarter complemented Mowi's overall success, leading to a total revenue of EUR 5.62 billion for the entire year. This achievement was bolstered by an impressive harvest of 502,000 tonnes of salmon, solidifying Mowi's position as a leader in the industry. Notably, the fourth quarter alone saw a seasonal record harvest of 134,000 tonnes, underscoring the company's operational efficiency.
Mowi’s Strategic Growth Initiatives
Mowi’s CEO, Ivan Vindheim, expressed his satisfaction with the company's accomplishments, emphasizing their robust strategy and operational capabilities. He noted, "Our margins indicate that we maintained a competitive edge in 2024, crucial for thriving in the competitive salmon farming landscape." Vindheim mentioned that declining feed prices contributed to the firm's reduced operational costs, a trend they expect will persist into the upcoming year.
The positive trends continued as Mowi reported substantial seawater production during the fourth quarter, driving optimism for future growth. Vindheim highlighted significant improvements in fish growth rates, survival rates, and overall feed conversion rates, which fostered a favorable environment for production.
Innovative Partnerships and Expansion Efforts
Additionally, Mowi recently formed a strategic alliance with Vigner Olaisen AS, enabling the firm to increase its ownership stake in Nova Sea from 49% to 95%. Nova Sea, recognized for its strong biological performance, plays a pivotal role in Mowi's comprehensive value chain, spanning broodstock production to harvesting and sales. The expected harvest from Nova Sea in 2025 stands at 52,000 tonnes, significantly contributing to the company’s overall growth.
Vindheim projected that with Nova Sea onboard, Mowi can anticipate reaching a total harvest volume of approximately 600,000 tonnes in the coming year. This marks an impressive increase from their 375,000 tonnes harvested globally in 2018. Mowi's growth trajectory of 6.1% significantly outpaces the overall industry growth rate of 3.1%, further solidifying their market leadership.
Commitment to Sustainability and Innovation
One of Mowi's core strategic pillars is volume growth within the entire value chain. The company remains committed to investing heavily across this spectrum, ensuring a robust framework for future expansions. "Our postsmolt strategy promises to yield larger, more robust fish, which is pivotal for both biological performance and fish welfare," noted Vindheim.
Notably, Mowi has garnered global recognition for its sustainability efforts, receiving accolades as the most sustainable listed animal protein producer for an impressive sixth consecutive year by the Coller FAIRR Protein Producer Index. This recognition reflects Mowi's dedication to responsible seafood production and environmental stewardship.
Record Achievements in Consumer Products and Feed
Mowi Consumer Products, which focuses on value-added offerings, also achieved remarkable success with a record operational profit of EUR 53 million for the fourth quarter. The annual profit reached EUR 146 million, thanks to a significant production increase of 247,000 tonnes, translating to a 6.5% growth compared to the previous year.
The feed division similarly enjoyed a successful year, with operational profits totaling EUR 62 million from 585,000 tonnes of feed. This growth trajectory was marked by a substantial 12% increase in 2024 compared to the previous year. To support continued growth, Mowi plans a significant expansion at its feed plant in Bjugn, Norway, increasing capacity by 60,000 tonnes, slated for completion by the second quarter of 2026.
Future Outlook and Dividends
In addition to these growth strategies, Mowi's Board has approved a quarterly dividend of NOK 2.00 per share, rewarding investors for their support during this transformative time. This decision reflects the company’s robust financial standing and commitment to delivering value to shareholders.
Mowi is on track to harvest 530,000 tonnes in 2025, showcasing its ambitious targets and unwavering determination to advance within the aquaculture industry. As a fully integrated global seafood company, Mowi remains dedicated to bringing high-quality seafood products to consumers worldwide, bolstered by its stellar reputation for sustainability and innovation.
Frequently Asked Questions
What were Mowi's record revenues for 2024?
Mowi achieved total revenues of EUR 5.62 billion in 2024, marking a historic milestone for the company.
How much salmon does Mowi plan to harvest in 2025?
The company aims to harvest approximately 530,000 tonnes of salmon in 2025, reflecting its growth initiatives.
What is Mowi's stance on sustainability?
Mowi is committed to sustainable practices and has been recognized as the most sustainable listed animal protein producer for six consecutive years.
How did Mowi perform in the Consumer Products sector?
Mowi Consumer Products reported a record operational profit of EUR 146 million in 2024, driven by strong retail demand and innovative product development.
What are Mowi's future plans regarding feed capacity?
Mowi is expanding its feed plant capacity at Bjugn, Norway, by 60,000 tonnes to support continued growth, expected to complete by mid-2026.
