Bergen, Norway-headquartered Mowi, which until recently conducted business as Marine Harvest, has reported strong fourth quarter results and the second best year ever for the world’s largest producer of farmed salmon.
Operational revenue of EUR 1,074 million was posted in Q4, while full-year turnover of EUR 3,815 million in 2018 was a record high for the group. Acknowledging the solid performance and anticipating the continuation of a robust market in 2019, the company will pay stockholders a quarterly dividend of 2.60 per share.
“Strong demand for salmon and high prices in all markets resulted in great earnings for the company,” stated CEO Alf-Helge Aarskog, who was also pleased with successful cost cutting efforts.
“I wish to commend the organization for the EUR 61 million of savings achieved in the 2018 cost improvement program,” he said. “This will continue into 2019 with a new EUR 30 million global cost and procurement improvement program.”
Total harvest volume was 105,783 tons in the fourth quarter, down from 112,628 during the same period in 2017. Harvest guidance for 2019 has been set at 430,000 tons.
Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.44 in Q4 (up significantly from 1.77 in 2017), while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 2.32 and EUR 1.42, respectively (up from EUR 1.19 and EUR 0.98).
Salmon of Chilean origin reported operational EBIT per kilo of EUR 1.25 in the quarter (an increase from EUR 1.03). Mowi Feed reported an operational EBIT of EUR 5.8 million (up markedly from EUR -2.8 million in 2017). Mowi Consumer Products reported an operational EBIT of EUR 38.0 million (up from EUR 29.1 million).
Mowi employs over 14,500 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange.
