Record Financial Results for Mowi in Second Quarter
Mowi achieved an unprecedented performance in the second quarter of 2022, setting new records in operational profit and revenue, which amounted to 320 million euros and 1 232 million euros respectively. The impressive financial results were a product of efficient operations and soaring salmon prices. Mowi's CEO, Ivan Vindheim, expressed his satisfaction with the company's performance during the quarter and commended the team for their efforts. The quarter saw salmon prices hitting all-time highs across all markets due to high demand and limited supply. A significant portion of Mowi's financial success was attributed to substantial harvest volumes, with 65% being sold in the spot market. Vindheim noted that the spot prices during the quarter were unprecedented, indicating the potential for further value increase in the salmon category given continued supply growth. Mowi's operational EBIT for the second quarter of 2022 was EUR 320 million, more than double the EUR 137 million recorded in the same quarter of 2021. The company's operational revenues for the quarter were EUR 1 232 million, up from EUR 1 000 million. The total harvest volume for the quarter was slightly above the projected 99 000 tonnes, at 102 679 tonnes. The full-year harvest guidance for 2022 remains at 460 000 tonnes. Mowi Farming had a remarkable quarter, setting a new record with an operational profit of EUR 294 million. Vindheim praised the farming operations, particularly Mowi Norway, which contributed 70% of the Group's profit. Mowi Consumer Products also had a successful quarter, driven by strong retail demand and efficient operations across its processing plants in Europe, Americas, and Asia. Vindheim anticipates continued growth in the retail sector and a positive recovery in the foodservice segment post-pandemic. Given the company's robust financial standing and promising outlook, Mowi's Board has approved a quarterly dividend of NOK 2.30 per share. The report and presentation can be found on the company's Reports page.
