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Near-record year for Mowi

13 February 2019, at 8:30am

Mowi reports that profits (EBIT) for 2018 were €753 million, making it the group’s second-best year ever financially.

The result was helped by a strong Q4, in which the group achieved an operational EBIT of €213 million, compared to €181 million in the corresponding quarter of 2017.

"2018 was a very good year for Mowi. Strong demand for salmon and high prices in all markets resulted in great earnings for the company. I am proud of all my colleagues who work hard to produce healthy and tasty seafood for consumers all over the world. They have all contributed to the strong results," says CEO, Alf-Helge Aarskog.

Total harvest volume in Q4 was 105,783 tonnes and the group’s harvest guidance for 2019 is 430,000 tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of €2.44 (1.77) in the fourth quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of €2.32 and €1.42 respectively (€1.19 and €0.98). Salmon of Chilean origin reported operational EBIT per kilo of €1.25 in the quarter (€1.03).

Mowi’s feed division reported an operational EBIT of €5.8 million (€-2.8 million). Mowi Consumer Products reported an operational EBIT of €38.0 million (€29.1 million).

"I wish to commend the organisation for the €61 million of savings achieved in the 2018 cost improvement programme. This will continue into 2019 with a new €30 million global cost and procurement improvement programme," says Aarskog.

Starting 2019 by changing the company-name to Mowi and launching a new brand strategy, the CEO believes this will be an exciting year for the company.

"We look forward to introduce the Mowi brand in selected markets. I am confident that this will transform the company over time," says Aarskog.

 

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