Mowi has recorded its highest ever revenue of €1,365 million in the second quarter of 2023, an increase of nearly 11% over the same period last year.
Operational profit was also up at €300 million, with strong performance across all business areas.
“Strong volumes, good salmon prices and, most importantly, excellent operational performance by my 11,500 colleagues across the world resulted in a new record-breaking quarter for Mowi,” said chief executive Ivan Vindheim.
Mowi harvested 107,500 tonnes of salmon in the quarter, above guidance of 104,500 tonnes. Full-year harvest guidance for 2023 remains unchanged at an all-time high of 48,000 tonnes, equal to growth of 4.4% year-over-year.
This is above projected industry growth of 0.6% and continues Mowi’s growth trajectory which the company says has surpassed that of the wider industry since 2019.
Consumer Products delivered a seasonally record-high quarter with continuing consumer demand, improved volumes and increased average prices.
Mowi’s feed division also had a strong quarter, recording its best-ever second quarter earnings.
It is not all good news, however, with the industry still expressing its frustration at the Norwegian government’s ‘salmon tax’. On 31 May, the parliament approved a 25% resource rent tax on salmon farming.
“We are of course very disappointed by the parliament’s decision, which has already proved costly for value creation in the industry as investments worth NOK 40 billion (€3.46 billion) have been put on hold. However, we have not given up on turning this around. We also intend to pursue our legal interests,” Vindheim said.
Mowi’s board has decided to pay a quarterly dividend of NOK 2.00 (€0.17) per share.
