May 13, 2022
Mowi earnings reach record high in Q1
Norwegian-based major salmon producer Mowi announced an operational profit of EUR 207 million (~US$215 million; EUR 1 = US$1.04) in Q1 2022, a record high thanks to rising salmon prices in all markets because of increased worldwide demand and low supply, Fish Information & Services reported.
Ivan Vindheim, chief executive officer of Mowi, said despite much higher raw material costs, the company's processing division continues to provide good profits, demonstrating the importance of Mowi's integrated value chain and the company's constant pursuit of enhanced productivity and cost effectiveness.
In the first quarter of 2022, Mowi recorded operational EBIT of EUR 207 million (~US$215 million), up from EUR 109 million (~US$113 million) in the same period of 2021. The quarter's total harvest volume was 96,600 tonnes (gutted weight). The full-year harvest forecast for 2022 remains at 460,000 tonnes.
Although the world economy is presently experiencing inflationary pressures, rising salmon prices have more than compensated increased salmon input prices.
- Fish Information & Services