Mowi Scotland continues to strengthen its profitability in the third quarter of 2024.
Mowi Scotland continues to strengthen its profitability in the third quarter of 2024, building on the momentum seen a year earlier, when the company more than doubled its operating profit.
Q3 2024 shows a solid operational EBIT per kg of EUR 0.85, reflecting a 35% increase from the EUR 0.63 per kg recorded in Q3 2023.
In contrast to the 117% surge in operational EBIT per kg in 2023, when profitability spiked despite biological challenges such as elevated seawater temperatures, 2024 has seen more measured, stable gains.
The rise in profitability is supported by steady harvest volumes, which totaled 15,000 tonnes in Q3 2024, a slight increase over the 14,730 tonnes harvested in Q3 2023.
Mowi Scotland faced persistent operational difficulties in 2023, including El Niño-related record-high seawater temperatures and water quality issues. Despite these conditions, the company more than doubled its operational EBIT in Q3 2023 to EUR 9.2 million, up from EUR 4.2 million in the same period of 2022.
This dramatic increase was largely driven by operational efficiencies and higher salmon prices, enabling the company to navigate a tough biological environment.
In Q3 2024, biological pressures have eased somewhat, and Mowi has continued to find cost efficiencies in its operations. Farming costs improved from EUR 5.84 per kg in Q2 2024 to EUR 5.72 per kg in the latest quarter, further supporting profitability.
While the pace of profitability growth has slowed compared to last year’s dramatic leap, Mowi Scotland’s performance demonstrates a continuing trend of improving operational efficiency. The company’s ongoing ability to control costs, despite biological risks, points to sustained profitability moving forward. The slight increase in harvest volumes, alongside improvements in farming cost, suggests Mowi is optimizing operations in a more stable environment in 2024.
