Mowi Achieves Record Revenues in Recent Quarter
Mowi recently announced record-high revenues of 1.44 billion euros, marking a significant operational result of 173 million euros.
- This quarter has set new benchmarks for Mowi, demonstrating our highest production at sea alongside record slaughter volumes totaling 161,000 tons of salmon. We have also maintained the largest volume of fish in the sea, an increase of 4.4% from the previous year, shares Mowi's CEO, Ivan Vindheim.
The company is well-positioned to meet its target of harvesting 500,000 tons of salmon in 2024, a milestone for Mowi. Next year, the expectation is to increase this figure to 520,000 tons, a pivotal first step towards reaching 600,000 tons by 2029. This translates to a growth of 145,000 tons since 2018, boasting an annual growth rate of 4.8%, compared to the industry average of 2.7%. Such growth also fuels advancements in Mowi's other segments—processing and feed production.
- Working within a company that constantly strives for performance and advancement is a privilege. Our ambition is to continue growing at a pace that outstrips the industry by enhancing our utilization of post-smolt technology and increasing our smolt releases. Across the industry, we anticipate another year of limited growth at approximately 2% or less, Vindheim adds.
In terms of operational costs, Mowi has witnessed a decline in aquaculture expenses during the third quarter, thanks to lower feed prices and economic scale advantages. Further drops in feed costs are expected, leading to additional savings, provided biological costs remain stable. Mowi also operates a specific cost-reduction initiative aimed at achieving savings of 300-400 million euros over the next five years, beyond mere price reductions in feeding ingredients.
The Mowi Consumer Products division, focused on processing, reported outstanding results in the third quarter driven by efficient operations and seasonal drops in raw material costs.
- We are seeing strong demand for our products in the grocery sector, and anticipate heightened demand in the restaurant segment propelled by increased purchasing power as a result of lower interest rates and rising wages, Vindheim mentioned.
Mowi Feed, the company’s feed production arm, also marked another exceptional quarter, achieving record volumes and revenues. This positive trend in volumes is largely attributed to robust growth in demand from Mowi's aquaculture segment.
The board of Mowi has decided to distribute a dividend of 1.50 kroner per share for the third quarter.
For additional 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
About Mowi ASA
Mowi is one of the world's leading seafood companies and the largest producer of Atlantic salmon, estimating a harvest volume of 500,000 tons of gutted weight in 2024 across seven farming countries, including Norway, Scotland, Ireland, the Faroe Islands, Iceland, Canada, and Chile. Mowi operates as a fully integrated seafood company that offers salmon and other seafood products to customers globally, partially under its own brand – MOWI. Mowi has been recognized as the world's most sustainable producer of animal protein by Coller FAIRR.
Mowi is headquartered in Bergen, employs 11,600 people in 26 countries, and is listed on the Oslo Stock Exchange. The company reported revenue of 5.5 billion euros in 2023.
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Frequently Asked Questions
What are Mowi's recent financial achievements?
Mowi reported record revenues of 1.44 billion euros and an operational profit of 173 million euros in the recent quarter.
What production volumes did Mowi achieve?
The company reached record slaughter volumes of 161,000 tons of salmon, contributing to its overall success.
What are Mowi's growth plans for the future?
Mowi aims to harvest 500,000 tons of salmon in 2024, with a long-term goal of reaching 600,000 tons by 2029.
How is Mowi addressing feed costs?
Mowi is implementing a cost reduction program anticipated to save 300-400 million euros over five years, alongside experiencing lower feed prices.
What is Mowi's stance on sustainability?
Mowi has been recognized for its sustainability practices, being the world's most sustainable producer of animal protein according to Coller FAIRR.
