Mowi has recorded its highest ever operational profit of €322 million in the first quarter of 2023, thanks to record-high salmon prices.
The figure is an increase of more than 55% on the same period in 2022. The company also recorded its highest revenue ever this quarter of €1.362 billion.
“High prices and stellar operational performance by my 11,500 colleagues in 25 countries across the world made the first quarter Mowi’s best quarter ever,” said Mowi chief executive Ivan Vindheim.
Mowi harvested 103,000 tonnes of salmon in the quarter and expects the total for the year to reach 484,000 tonnes.
From 2018 Mowi will have grown its farming volumes by 5.2% per year, which is above industry averages.
Mowi Consumer Products and Mowi Feed also had a solid quarter with record-high operational earnings for both.
The company continues to express its concern about the proposed ‘salmon tax’. In March the Norwegian government reduced the proposed resource rent tax rate from 40% to 35% but this is felt to be still too high. “This is completely disproportionate and not compatible with the Norwegian government’s stated growth ambitions for the industry,” said Vindheim.
“If passed by parliament, the new tax regime will be hugely detrimental to the Norwegian aquaculture industry.”
