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Fresh Produce

Mowi Reports 'Record' Revenue And Harvest Volume In FY 2023

By Dayeeta Das
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Mowi Reports 'Record' Revenue And Harvest Volume In FY 2023

Seafood company Mowi closed its financial year 2023 with revenue of €5.5 billion, operational profit of €1.02 billion, and harvest volume of 475,000 tonnes.

Describing the period as a 'record-breaking' year, Norway-based Mowi reported its highest harvest volume of 475,000 tonnes, equivalent to an increase of 2.4% against a global supply contraction of 2.5%.

In the fourth quarter, revenue amounted to €1.43 billion, up from €1.36 billion in the corresponding quarter of 2022.

Mowi harvested 129,234 tonnes of salmon in the quarter, it added.

The company upheld its full-year harvest volume guidance for 2024 at 500,000 tonnes.

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Annual Performance

Mowi CEO Ivan Vindheim stated, “As recently as 2018, harvest volumes were 375,000 tonnes, hence, we will have grown our farming volumes by as much as 125,000 tonnes by 2024. This is equivalent to annual growth of 4.9% versus a projected growth rate for the industry of 2.9%.

“This is mainly organic growth, and Mowi still has further organic growth initiatives that are expected to contribute to additional volume growth, of which the most important one is perhaps the post-smolt programme we launched at our capital markets day in 2021.”

The company expects a post-smolt capacity of almost 40 million by the end of 2024.

In Norway, Mowi’s post-smolt share will be approximately 50% when the naturally more resilient Region North is excluded from the equation.

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It is expected to drive license utilisation higher and improve Mowi’s sustainability credentials through shorter production time in sea and improved survival rate.

Consumer Products And Feed Division

The company's consumer products division reported operational profit of €152 million and volume of 232,000 tonnes in 2023.

“These are impressive results, and I think it is fair to say that consumer products’ relentless focus on operational excellence over the past few years has really started to pay off,” Vindheim added.

Mowi Feed delivered a good fourth quarter result and marked its best year to date with an operational EBITDA of €52 million.

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