Mowi Closes the Year with a Strong Quarter

Mowi concluded a record-breaking year with a robust final quarter (Bergen, 15 February 2023). The company reported unprecedented revenues of 1,362 million euros in Q4 2022. The operational profit stood at 239 million euros, a significant increase from 146 million euros in the same quarter of 2021. This quarter solidified a financially successful year for Mowi. For the first time in its almost six-decade history, the company's earnings surpassed the one-billion-euro mark, with the annual operational profit reaching 1,005 million euros. The company also set a new record with revenues of 4,946 million euros. Mowi CEO Ivan Vindheim expressed his deep gratitude to his 11,500 colleagues, whose commitment and effort made these landmark results achievable. Mowi's harvest for the quarter was 131,000 tonnes, and the total for 2022 was 464,000 tonnes, exceeding the forecast by 4,000 tonnes. In Norway, harvest volumes hit a record 294,000 tonnes. Vindheim expressed satisfaction with the significant progress made in Norway in recent years, attributing it to consistent hard work. Mowi is a leading employer in Norway, employing one in every 300 Norwegian workers. However, the company fears that its growth ambitions in Norway may be severely hampered by the government's plan to impose a resource rent tax on aquaculture. Vindheim voiced his concerns about the proposed tax rate of 62% for the Norwegian salmon-farming industry, which could rise to approximately 80% with the Norwegian wealth tax. He warned that this could severely impact the growth prospects of Norway's most vital coastal industry, which currently employs 60,000 people in coastal communities. He urged the government and parliament to consider a less damaging tax rate and model for the Norwegian aquaculture industry. Mowi's harvest volume guidance for 2023 is 484,000 tonnes, an all-time high, including volumes from its newest subsidiary, Arctic Fish in Iceland. This represents a volume growth of up to 109,000 tonnes in five years. Vindheim expressed his delight at the recent approval for the acquisition of 51% of the shares in Icelandic salmon farmer, Arctic Fish. He looks forward to further developing the company with the other owners and a highly skilled and motivated team. Mowi Consumer Products had another successful quarter and an exceptional year, setting operational and financial records due to strong consumer demand and excellent operational performance. Vindheim highlighted the company's commitment to enhancing its value proposition downstream in the coming years, with a branding strategy aimed at de-commoditising the salmon category. For the fourth year in a row, Mowi has been named the world's most sustainable animal protein producer by Coller FAIRR. Vindheim emphasised that sustainability is integral to Mowi's ethos and is central to all its operations. Mowi Feed also had its best quarter and year to date, with an operational profit of 21 million euros and 47 million euros respectively. Vindheim noted the strong performance of the feed sector in 2022, which is crucial for Mowi as the world's largest salmon farmer. Feed production reached 515,000 tonnes for the year, a 7% increase from 2021, and is expected to grow further in 2023. Mowi's Board has decided to pay a quarterly dividend of NOK 1.70 per share, backed by a strong financial position and a positive outlook. The report and presentation can be accessed here.