December 8, 2021

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Mowi Pays 724 Million in Dividends - Increases Slaughter Target - E24

Mowi Pays 724 Million in Dividends – Increases Slaughter Target – E24

The largest salmon farmer on the Oslo Stock Exchange expects to increase the slaughter volume to 460,000 tons next year from 455,000 this year.

The largest company in the world: The Mowi Salmon Company is the world’s largest producer of Atlantic salmon. Billionaire John Frederiksen is the largest owner.

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Agriculture Giant The rapporteur says Operating profit of €131 million (1.29 billion kronor) in the third quarter, in line with a previous update, and up from €80 million in the same quarter a year earlier.

Revenue rose to €1.035 billion, a new record for this time of year, from €958 million at the same time last year.

The increase in demand for salmon continued in the third quarter with increased activity in the restaurant market and record sales in the grocery segment continued. It also led to higher prices.

Mowi CEO Evan Wendheim presents third-quarter results. Image from a previous presentation.

Millions are distributed to shareholders

Based on the third-quarter result, the company will pay NOK 1.4 per share, which equates to NOK 724 million. Of this, NOK 0.93 is an ordinary dividend and 0.47 NOK is an extraordinary dividend, as a result of a strong financial position and good future prospects.

Before today, the results were different Dividend forecast From 0.79 kroner to kronen, averaging 1.44 crowns, according to TDN Infront.

It is gratifying to see the strong improvement in the market towards the pre-pandemic level. The estimated value of salmon consumed globally in the third quarter rose more than 30 percent from a year ago and reached a new record. This is particularly impressive given that not all markets have fully recovered from the pandemic, says Mowi’s CEO, Evan Wendheim.

In total, profit after tax ended at 23.2 million euros, down from 95 million in the third quarter of last year. The adjustment reduced the value of fish in facilities by 53 million euros, while last year it gave an increase of 37 million euros.

Waiting for the harvest to increase

During the quarter, 117,115 tons were harvested.

In the previous quarterly presentation, Mowi raised its full-year 2021 harvest forecast to 450,000 tons. It has now been raised to 455,000 tons, which corresponds to an increase of 15,000 tons compared to last year.

The expected harvest volume for 2022 is 460,000 tons. That’s 9,000 tons less than analysts had previously expected, according to Infront.

We have a clear growth strategy and Mowi Farming has organic growth potential to an annual volume of over 500,000 tons with existing licenses. So it’s gratifying that we’re heading into another record year in 2021 in terms of Mowi Farming’s production volumes, says Vindheim.

Mowi cites a forecast from Kontali analysis, estimating global supply growth of zero percent in the next 12 months.

“Under normal circumstances, that would be very supportive of higher salmon prices. With the continued improvement in salmon demand in the wake of COVID-19, the board has great faith in the positive long-term prospects for the entire industry, and for Maui in particular,” the report states.

Increasing raw material prices

The cost per kilogram of fish harvested was up three percent from the third quarter of 2020. Disease and other biological factors led to a cost overrun of €7.2 million in the quarter.

Although overall costs are higher than the same period last year, production costs in the two largest Moy regions, Norway and Scotland, are relatively stable.

“Feed feed prices have increased recently, but we believe that a large part of this inflation is driven by transient factors. Despite the inflation we are currently experiencing, Mowi still has significant untapped potential to reduce costs throughout the value chain,” the company wrote.

Mowi is the largest Atlantic salmon farming company in the world and is by far the largest seafood company on the Oslo Stock Exchange with a market capitalization of just over NOK 123 billion. The company is headquartered in 25 countries and has 12,000 employees worldwide.

Billionaire John Frederiksen is the main owner of the company with a stake of about 14 percent.

Here you will find the numbers

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