Mowi Group, the world leader in Atlantic salmon aquaculture production, generated operating revenues of EUR 1.34 billion in the second quarter of the year, resulting in an operating profit of EUR 230 million, marking a significant improvement compared to the previous quarter.
This growth in results is due to exceptional performance across all of Mowi’s business areas, including a record harvest of 110,000 tonnes of salmon during the season and a reduction in farming costs. Additionally, the biomass in the sea reached its highest level, with a 9.4% increase compared to the previous year.
Ivan Vindheim, CEO of Mowi, highlighted that the company is well on track to meet their volume guidance of 500,000 tonnes this year, "a significant milestone considering that in 2018 we harvested 375,000 tonnes," he noted.
Volume growth is one of Mowi’s strategic pillars, and the company expects to significantly outperform market growth in 2024, with an increase of 5.3% compared to the industry’s 0.8% growth.
Looking beyond 2024, Vindheim emphasized that Mowi plans to continue growing at a rate faster than the industry through the intensive use of larger smolts and post-smolts in Norway and Scotland, and higher smolt stocking levels globally, taking advantage of organic growth opportunities.
Sustainability is another key strategic pillar for Mowi. In June, TIME magazine included Mowi in its list of the 500 most sustainable companies in the world for 2024, highlighting its corporate responsibility and sustainable practices. “We are pleased to see that the international community continues to recognize not only Mowi’s ESG efforts but also the unique features of Atlantic salmon, which make it one of the world’s most sustainable animal proteins,” Vindheim commented.
Mowi’s Consumer Products business, which adds value to its products, also reported an increase in earnings compared to the first quarter, thanks to good operational performance. Despite temporary challenges in the U.S. market and margin pressure in Europe due to high raw material prices, the underlying demand for European salmon remains strong. Additionally, a gradual improvement in the American market is expected with the recovery of Western economies and the decline in retail prices.
As for Mowi Feed, volumes reached a seasonal record due to continued feed demand in Europe, with a 14% increase compared to the second quarter of last year. Vindheim noted that Mowi’s own feed continues to perform excellently, with both feed consumption and net growth exceeding industry benchmark levels.
Finally, Mowi’s Board of Directors has decided to pay a quarterly dividend of NOK 1.70 per share, reflecting the company’s strong financial position.
These results confirm Mowi’s ability to lead in a highly competitive industry while continuing to drive both growth and sustainability in all its operations.
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