August 29, 2019

Mowi achieves best second quarter
 

Mowi, the Norwegian seafood company formerly known as Marine Harvest, achieved an operational EBIT of €211 million (US$234 million) in the second quarter of 2019, compared to €175 million (US$194 million) in the corresponding quarter of 2018.
 

"This was a good quarter for Mowi with 26% increase in farming volumes year over year and an overall solid operational performance. The costs decreased in the farming operations, and sales of both feed and value-added products were record-high," said Mowi CEO, Alf-Helge Aarskog.

Mowi's board of directors has resolved to pay a quarterly dividend of NOK2.60 (US$0.29) per share, supported by good results, a strong market outlook, and a solid financial position.

Mowi reported operational revenues of €1 021 million (€888 million) in the second quarter of 2019. Total harvest volume was 98,483 tonnes (78 346) in the quarter. Harvest guidance for 2019 is unchanged at 430,000 tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of €2.45 (2.56) in the second quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of €2.92 and €0.83 respectively (€2.38 and €0.98). Salmon of Chilean origin reported operational EBIT per kilo of €1.87 in the quarter (€1.86). Mowi Feed reported an operational EBIT of €3.0 million (€0.8 million). Mowi Consumer Products reported an operational EBIT of €4.9 million (€12.0 million).

Following Mowi's self-sufficiency strategy on feed, Mowi Feed continues to develop its range of products, including fresh water, organic and cleaner fish diets.

"Our new feed plant in Scotland started trial production in May, and has recently started to produce and deliver feed to our Scottish farming operations. This is an important step towards self-sufficiency of feed and further integration of the value chain. It is particularly encouraging that we have increased initially capacity from 170,000 tonnes to 240,000 tonnes", said Aarskog.

- Mowi