Mowi Posts Record Harvest Volumes for 2024 Amid Rising EBIT
Mowi has reported record-high harvest volumes of 502,000 tonnes for 2024, reflecting a 5.7% year-on-year growth from 475,000 tonnes in 2023. The global aquaculture giant disclosed the figures ahead of its full Q4 2024 financial report, due for release on February 12.
In Q4 2024, Mowi harvested 133,500 tonnes of gutted weight equivalents (GWT), slightly above its guidance of 132,100 tonnes. Norway accounted for the majority of the harvest with 83,500 tonnes, followed by Scotland (17,000 tonnes) and Chile (22,500 tonnes). Smaller contributions came from Canada (5,000 tonnes), Ireland (1,000 tonnes), the Faroes (1,000 tonnes), and Iceland’s Arctic Fish (3,500 tonnes).
Operational EBIT and Costs
Operational EBIT for the quarter reached approximately €226 million (NOK 2,657 million), up from €203 million (NOK 2,367 million) in Q4 2023. This improvement was driven by higher volumes and a blended farming cost of €5.69 per kg, slightly lower than the previous quarter.
Regional EBIT contributions per kilogram were as follows:
- Norway: €2.20
- Scotland: €1.40
- Chile: €0.85
- Canada: €0.45
- Ireland: (€2.15)
- Faroes: €1.05
- Iceland: €0.75
Segment Highlights
- Consumer Products delivered an Operational EBIT of €53 million in Q4.
- Feed Operations contributed an Operational EBITDA of €21 million for the quarter.
Debt and Outlook
Net interest-bearing debt (NIBD) stood at approximately €1.865 billion as of year-end 2024, excluding IFRS 16 effects.
