Profits nearly doubled to record highs for
(Bergen, 11 May 2022) In a strong market, Mowi made an operational profit from 207 million euros at record highs in the first trimester.
Mowi’s first quarter was characterized by soaring salmon prices in all markets due to a continued increase in global salmon demand combined with low supply.
“The increase in salmon prices as a result of the pandemic has been impressive. Salmon is a fantastic product with excellent product characteristics and the beneficiary of strong megatrends, and I strongly believe this will continue to drive demand in the future,” said Mowi CEO Ivan Vindheim.
Mowi Farming’s results improved significantly in the quarter, driven by strong prices.
“I am delighted to see that our Norwegian agricultural activities achieved record profits and prices in the first quarter. It is also encouraging to see that our operations in Western Canada are improving and delivering strong results,” said Vindheim.
Mowi Consumer Products also recorded another strong set of results given record raw material prices, thanks to strong operational performance and raw material management.
“It is heartening to see that Mowi’s converting business continues to show strong results despite significantly higher raw material prices. This demonstrates the value of Mowi’s integrated value chain and the organization’s relentless quest for increased productivity and profitability,” Vindheim said.
Mowi recorded an operating EBIT of €207 million in the first quarter of 2022, compared to €109 million in the corresponding quarter of 2021. Operating income for the quarter amounted to €1,095 million (€1,022 million). euro). The total harvest volume during the quarter was 96,600 tonnes of eviscerated weight (125,469 tonnes). The full-year harvest forecast for 2022 is unchanged at 460,000 tonnes.
The global economy is currently facing unprecedented inflationary pressure, however, soaring salmon prices have so far more than offset rising salmon input prices.
“We expect salmon to continue to outperform other animal protein sources due to its significantly lower feed conversion rate and energy consumption, as well as its superior sustainability credentials,” said said Vindheim.
Mowi’s board of directors has decided to pay a quarterly dividend of NOK 1.95 per share, consisting of NOK 1.44 per share in ordinary dividend and an extraordinary dividend of NOK 0.51 per share supported by a situation solid financial position and a favorable outlook.
For more information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR officer and Head of Treasury, +47 908 76 339
Ola Helge Hjetland, Group Communications Director, +47 970 67 932
About Mowi ASA
Mowi is the world’s leading seafood company and the world’s largest producer of farmed salmon. As the world’s leading seafood company with an end-to-end supply chain, Mowi brings premium quality salmon and other seafood to consumers around the world.
Based in Bergen, Norway, Mowi employs 11,800 people in 25 countries around the world and is listed on the Oslo Stock Exchange.
For more information, visit mowi.com.
This release may be deemed to contain forward-looking statements, such as statements relating to Mowi’s objectives and strategies, salmon prices, ability to increase or change harvest volume, production capacity, trends of the seafood industry, restructuring initiatives, exchange rate and interest rates. rate fluctuations, anticipated research and development expenditures, business prospects and market positioning, demographic and pricing trends, strategic initiatives and the effects of any extraordinary events and various other matters (including changes laws, regulations and government policies regulating the industry and changes in accounting policies, standards and interpretations) on Mowi’s business and results. Forward-looking statements are generally 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 regarding future events or results. Actual results could differ materially from those indicated by such statements because the achievement of such results is subject to numerous risks and uncertainties. of Mowi ASA contains additional information about factors that could affect actual results, including: changes in the price of salmon, including the value of our biological assets; risk hedging; feeding risks fishes ; economic and market risks; environmental risks; operational risks; risks associated with escapes, disease and sea lice; product risks; risks related to our acquisitions; funding risks; regulatory risks, including those related to food safety, the aquaculture industry, processing, competition and anti-corruption; risks of trade restrictions; litigation risks; tax and accounting risks; strategic and competitive risks; and reputational risks. All forward-looking statements included in this release are based on information available at the time of posting, and Mowi undertakes no obligation to update any forward-looking statement.
This information is subject to the disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Act.