Good results in a biologically challenging quarter for Mowi in
Norway
(Bergen, 8 May 2024) Mowi recorded revenues of 1.33
billion euros in the first quarter, compared with 1.36 billion
euros in the corresponding quarter of 2023. Operational profit was
201 million euros in the quarter.
“The first quarter was challenging for Mowi in Norway due to
winter sores and an unusually high prevalence of string jellyfish,
in addition to a very cold winter. Consequently, I am pleased to
see the situation in Norway has improved considerably in the second
quarter. We are now vaccinating our smolt with an improved winter
sore vaccine which has shown promising results so far, and we
believe that this, together with other measures we are taking, will
lead to a significantly improved situation next year,” said Mowi
CEO Ivan Vindheim.
Outside Norway, Mowi delivered strong biological performance in
its six other farming countries during the quarter.
“It is comforting to see biological improvements in Scotland
compared with last year, and that our Chilean operation has coped
well during the El Niño period. Mowi’s other farming regions abroad
have also achieved good biological results in the quarter,”
Vindheim said.
As a result of improved biology, falling feed prices and scale
effects, Mowi expects reduced production costs in the second half
of the year.
Mowi harvested 96 500 tonnes of salmon in the first quarter,
leaving a seasonally record-high biomass in sea at quarter end.
This, combined with improved biological performance in Mowi Norway
so far in the second quarter, means that group volume guidance of
record-high 500,000 tonnes for 2024 is re-iterated, marking a new
milestone in Mowi’s 60-year history Furthermore, this would
correspond to an increase of 5.3% from last year, yet again
significantly higher than the expected growth in the wider
industry.
Since 2021 Mowi has focused heavily on releasing larger smolt to
sea. CEO Ivan Vindheim is certain that this strategy will lead to
further growth and improved biological KPIs in the coming
years.
“By the end of 2024 Mowi will have capacity to produce almost 40
million postsmolt, equivalent to a share of approximately 25% of
the group’s total smolt. In Norway, Mowi’s postsmolt share will be
approximately 50%, when excluding Region North from the equation
for natural reasons. This is expected to drive license utilisation
higher and at the same time contribute to improved fish welfare and
survival rates,” said Vindheim.
Mowi Consumer Products, the group’s secondary processing
business, delivered good operational performance in the first
quarter, and increased sold volumes year-on-year on strong European
retail demand.
“European salmon prices have been strong so far this year,
however, prices for American salmon have been weaker. We believe
American salmon prices will strengthen over time as we see
practically no supply growth this year and limited supply growth in
the coming years,” said Vindheim
Mowi Feed also had a good quarter, setting a new record for
volumes sold in what is expected to be another year of all-time
high volumes and earnings for the group’s feed operation following
record-high harvest volumes for Mowi Farming.
Mowi’s Board has decided to pay a quarterly dividend of NOK 1.50
per share.
For further information, please
contact: Kristian Ellingsen, CFO, +47 905 14
275Kim Galtung Døsvig, IR Officer & Head of Treasury,
+47 908 76 339 Ola Helge Hjetland, Group Communications
Director, +47 970 67 932
About Mowi ASAMowi is one of the world's
leading seafood companies and the largest producer of farm-raised
Atlantic salmon in the world, with an estimated harvest for 2024 of
500 000 tonnes from seven farming countries including Norway,
Scotland, Ireland, Faroes, Iceland, Canada and Chile.
Mowi is a fully integrated global seafood company, bringing
salmon and other seafood of supreme quality to consumers around the
world, partly under its own MOWI brand. Mowi is ranked as the most
sustainable listed animal protein producer in the world by Coller
FAIRR.
With headquarters in Bergen, Norway, Mowi employs 11 500 people
in 25 countries worldwide, and is listed on the Oslo Stock
Exchange. Turnover was EUR 5.5 billion in 2023.
For more information, please visit www.mowi.com.
Forward looking statements This release
may be deemed to include forward-looking statements, such as
statements that relate to Mowi's goals and strategies, salmon
prices, ability to increase or vary harvest volume, production
capacity, trends in the seafood industry, restructuring
initiatives, exchange rate and interest rate fluctuations, expected
research and development expenditures, business prospects and
positioning with respect to market, demographic and pricing trends,
strategic initiatives, and the effects of any extraordinary events
and various other matters (including developments with respect to
laws, regulations and governmental policies regulating the industry
and changes in accounting policies, standards and interpretations)
on Mowi's business and results. Forward-looking statements are
typically identified by words or phrases, such as "believe,"
"expect," "anticipate," "intend," "estimate," "may increase," "may
fluctuate," "plan," "goal," "target," "strategy," and similar
expressions or future or conditional verbs such as "may," "will,"
"should," "would," and "could." Forward-looking statements are
Mowi's current estimates or expectations of future events or future
results. Actual results could differ materially from those
indicated by these statements because the realization of those
results is subject to many risks and uncertainties. Mowi
ASA's Annual Report contains additional information
about factors that could affect actual results, including: changes
to the price of salmon including the value of our biological
assets; hedging risks; risks related to fish feed; economic and
market risks; environmental risks; operational risks; risks related
to escapes, disease and sea lice; product risks; risks related to
our acquisitions; financing risks; regulation risks including
relating to food safety, the aquaculture industry, processing,
competition, anti-trust and anti-corruption; trade restriction
risks; litigation risks; tax and accounting risks; strategic and
competitive risks; and reputation risks. All forward-looking
statements included in this release are based on information
available at the time of the release, and Mowi assumes no
obligation to update any forward-looking statement.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
- Mowi_Q1_2024_Presentation
- Mowi_Q1_2024_Report
Grafico Azioni Mowi ASA (TG:PND)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Mowi ASA (TG:PND)
Storico
Da Feb 2024 a Feb 2025
