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Record result for Mowi in the second quarter
(Bergen, 24 August 2022) The second quarter of 2022 was the best quarter ever for Mowi, with a record-high operational profit of 320 million euros and record-high revenue of 1 232 million euros.
Mowi delivered yet another strong set of financial results in the second quarter, driven by good operations and high salmon prices.
“I am very pleased with our operational performance in the quarter and the way we have been able to capitalise on the high prices. I would like to thank the organisation for this achievement,” Mowi CEO Ivan Vindheim said.
Salmon prices reached new record levels in all markets during the quarter on strong demand and low supply. Mowi’s financial results were also driven by good harvest volumes of which 65% were sold into the spot market.
“We have never before experienced spot prices at the levels seen in the second quarter, and this shows the potential to continue to increase the value of the salmon category over time given continued supply growth,” Vindheim said.
Mowi reported operational EBIT of EUR 320 million in the second quarter of 2022, more than double the EUR 137 million reported in the corresponding quarter in 2021. Operational revenues in the quarter were EUR 1 232 million (EUR 1 000 million). Total harvest volume in the quarter was 102 679 tonnes gutted weight (107 977 tonnes), slightly above guidance of 99 000 tonnes. Full-year harvest guidance for 2022 is unchanged at 460 000 tonnes.
Mowi Farming had an impressive quarter with an operational profit of EUR 294 million, which is a new record.
“I am impressed with our farming operations this quarter, with good growth performance in sea and improved production. Mowi Norway stands out in particular, representing 70% of Group profit with an impressive margin,” Vindheim said.
Mowi Consumer Products delivered another set of good results on continued good retail demand and solid operational performance across its processing plants in Europe, Americas and Asia.
“Overall retail demand still remains at a good level and I expect that the retail channel will continue to grow in the years ahead. The foodservice segment continues its post-pandemic recovery which is positive for overall salmon demand,” Vindheim said.
Mowi’s Board has decided to pay a quarterly dividend of NOK 2.30 per share, supported by a strong financial position and a favourable outlook.
For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & 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 largest producer of farm-raised salmon in the world. As the first global seafood company with an end-to-end supply chain, Mowi brings supreme quality salmon and other seafood to consumers around the world.
With headquarters in Bergen, Norway, Mowi employs 11 800 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange.
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 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.
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