NORWAY – Mowi, the Norwegian seafood giant, disclosed a slight decline in its operating revenues for the second quarter of 2024, totaling EUR 1.34 billion (US$1.49 billion), marking a 2 percent decrease compared to the same period in 2023.
The company’s operational EBIT fell by 23 percent year-over-year, reaching EUR 229.5 million (US$255.1 million).
This downturn, despite showing growth in other business segments, reflects the challenges faced by the company.
Mowi attributes this growth to a seasonal surge in sea and lower farming costs.
The firm is progressing towards its ambitious goal of producing 500,000 tonnes, an increase from 375,000 tonnes achieved in 2018.
Mowi, headquartered in Bergen, Norway, has also announced a review of its operations in Canada West following a recent Canadian government decision to ban open net-pen farming in British Columbia starting July 1, 2029.
Mowi’s CEO, Ivan Vindheim, expressed disappointment over the ban, stating it undermines decades of sustainable salmon farming practices in the region, which have been carried out in partnership with First Nations communities.
Vindheim criticized the decision as driven more by political motives than by scientific evidence, noting that the British Columbia operations have historically been less profitable for Mowi.
Last year, the company harvested 19,000 metric tons in the province, contributing only EUR 11 million (US$12.2 million) to its overall revenue, accounting for just 4 percent of its farming volumes and 1 percent of its total profit.
Mowi’s Canadian East operations will not be impacted by this ban.
Vindheim confirmed that Mowi will release further details soon, including a draft transition plan, which will initiate a thorough review of the company’s Canadian operations.
He stated that the board is committed to exploring all options before making any decisions.
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