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Mowi's strong Q2 results led by significant harvest increases

Scottish and Irish earnings rocketed while Canada and the Faroes fell.

Norwegian salmon giant Mowi posted stronger earnings in its Q2 trading update, up just under 19 percent compared to the same period last year.

The company's operational earnings before interest and tax (EBIT) during the second quarter were around €208 million ($234.6 million).

Total operational EBIT per kilogram varied across the value chain, with Scotland having the highest earnings of €2.90 ($3.30) per kilogram and Canada having the lowest earnings of €0.85 ($0.96) per kilogram, a 22 percent increase and 13 percent decrease, respectively, compared to the same quarter last year.

The company will invest €19 million ($21.4 million) in the restructuring of its Kristen smokehouse in France, which may influence the official second quarter earnings due to insurance settlement delays, it said in an investor announcement Monday.

Operations in Ireland and the Faroe Islands achieved the same EBIT per kilogram of €2.65 ($3.00), but this reflected a 20 percent increase for the Irish operations, and a 10 percent fall for the Faroes. Earnings per kilogram in Chile flat lined compared to the same time last year at €1.85 ($2.10) per kilogram.

Mowi Scotland spending $9 million to relocate two farming sites

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Solid harvests

Total harvest volumes were 98,500 metric tons, a 25 percent surge compared to the year prior.

Mowi harvested around 51,500 metric tons, almost 4 percent more than last year, but other operations saw large increases.

Harvests from Ireland increased 61 percent to 2,000 metric tons, while harvest volumes in the Faroe Islands increase two-fold to 1,500 metric tons.

Harvests from Scottish, Canadian and Chilean farms were almost in line with each other. The company harvested 16,000 metric tons from Scotland, a 79 percent climb from the same period last year.

Canadian harvest volumes rose 56 percent compared to the second quarter last year to 12,500 metric tons, while harvest volumes in Chile also increased 52 percent to 15,000 metric tons.

The complete quarterly report will be released and updated on Aug. 21.


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