Mowi posts highest full year revenues in 2024

Norwegian salmon harvesting company Mowi generated record-high operating revenues of €1.5 billion (US$1.6 billion) in the fourth quarter of 2024, which translated into an operational profit of €226 million (US$237 million).

The company said its turnover and harvest volumes reached their highest ever levels in 2024 with revenue reaching €5.62 billion (US$5.89 billion) and 502,000 tonnes of salmon being harvested.

Harvest volumes in the fourth quarter of 2024 alone already reached 134,000 tonnes, which Mowi claims is a seasonal record.

"Falling feed prices have also contributed to somewhat reduced costs, and we expect that trend to continue in 2025,” said Mowi CEO Ivan Vindheim.

The company’s seawater production was very strong in the fourth quarter, and this has continued into 2025.

"We have seen a significant improvement this winter compared with last year, in terms of much better growth in sea, higher survival rates, better feed conversion rates and improved quality," added Vindheim. "This bodes well for the rest of the year and has prompted us to adjust our volume guidance for 2025 upwards, from 520,000 tonnes to 530,000 tonnes."

Mowi recently entered into an agreement with Vigner Olaisen to purchase their shares in Nova Sea, which will increase Mowi’s ownership of Nova Sea from 49 per cent to 95 per cent.

Nova Sea is a salmon farmer in production area 8 in Northern Norway and is present in the entire value chain from broodstock and smolt production to harvesting and sales. The company expects to harvest 52,000 tonnes of salmon in 2025.

"With Nova Sea on board, we expect our volumes to reach 600,000 tonnes next year, and we will be well on our way to harvesting 400,000 tonnes in Norway alone," said Vindheim.