Mowi triples its operating profit for Q4

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On Monday morning, Mowi announced its trading update for the last quarter of 2021.

Operating EBIT for the group was around €146 million in the fourth quarter of 2021 – up from €49 million in the fourth quarter of 2020. According to estimates obtained by Infront, an operating profit of €160 million had been expected.

Production cost per kilo of fish harvested was €4.62, compared to €4.59 in the third quarter.

The operational EBIT was affected by the loss of eight million euros in connection with an extraordinary mortality in Eastern Canada. This affected the total margin in the quarter by €0.07/kg.

Total operational EBIT per kilo through the value chain was estimated as follows:

  • Norway 1.75 euros
  • Scotland 0.60 euros
  • Chile 0.65 euros
  • Canada 0.05 euro (Canada West: 1.05 euro)
  • Ireland 0.95 euros
  • Faroe Islands 1.40 euros

Operating EBIT in Consumer Products was €26 million.

The company harvested a total of 115,000 tonnes of salmon in the quarter. The harvest per region was distributed as follows:

  • Norway: 71,000 tonnes
  • Scotland: 12,000 tonnes
  • Chile 16,500 tonnes
  • Canada: 10,000 tonnes
  • Ireland: 1,500 tonnes
  • Faroe Islands: 4,000 tonnes

On an annual basis, the Mowi Group harvested 466,000 tonnes of salmon. This harvest volume was distributed as follows:

  • Norway: 273,000 tonnes
  • Scotland: 64,500 tonnes
  • Chile: 66,000 tonnes
  • Canada: 45,500 tonnes
  • Ireland: 7,000 tonnes
  • Faroe Islands: 10,000 tonnes

The reported net interest-bearing debt was approximately €1.260 billion at the end of the year.

The full report for the fourth quarter will be presented on 16 February.