Mowi has reported record-high operating revenues of €1.44 billion, generating an operational profit of €173 million in its third quarter.
The company’s seawater production and harvest volumes reached an all-time high of 161,000 tonnes, largely due to thanks to increased aquaculture yields and strong seafood demand.
“This was yet another good quarter for Mowi,” said Ivan Vindheim, CEO, Mowi. “We’ve never had more fish in the sea, with biomass up 4.4% year-on-year at quarter end.”
Strategic growth
Mowi’s strategic growth is further underlined by its 2024 harvest volume target of 500,000 tonnes and a milestone of 520,000 tonnes projected for 2025.
This growth, attributed to the company’s innovative farming operations, is helping Mowi expand faster than the broader industry average.
Mr Vindheim said: “We aim to continue growing faster than the industry by expanding post-smolt use and increasing smolt release. We expect supply growth for the wider industry to remain limited.”
In addition, the company’s operating costs fell during Q3 due to lower feed prices and economies of scale, with additional savings expected as part of Mowi’s €300-400 million cost reduction programme.
The company’s consumer products division saw record-breaking results, driven by robust retail demand, while Mowi Feed reported its best quarterly results ever due to high earnings and volumes.
Mowi’s Board has approved a quarterly dividend of NOK 1.50 per share, reflecting continued confidence in the company’s profitability and growth potential in global seafood markets.
