Norwegian salmon farming giant Mowi reported operational earnings before interest and taxes (EBIT) of €146 million ($166.9 million) for the fourth quarter of 2021, almost triple the amount in the same period a year ago.

This surge in profit was also despite the group being “negatively impacted” by €8 million ($9.1 million) related to extraordinary mortalities in its Canada East operations, which affected the total margin in the quarter by €0.07 ($0.08) per kilo, it said in a trading update.

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Operational EBIT for its consumer products division was €26 million ($29.7 million), a drop of 25 percent from the same period a year ago, while earnings in its feed division amounted to €8 million ($9.1 million), down 43 percent.

Blended farming costs per kilogram harvested was €4.62 ($5.30) versus €4.59 ($5.20) in the third quarter of the year.

In the fourth quarter, Mowi harvested a total of 115,000 metric tons of fish across its global operations.

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Norway accounted for 71,000 metric tons, Scotland 12,000 metric tons, Chile 16,500 metric tons, Canada 10,000 metric tons, Ireland 1,500 metric tons, and the Faroes 4,000 metric tons.

For the whole of 2021, Mowi said it harvested a total of 466,000 metric tons. Norway accounted for 273,000 metric tons, Scotland 64,500 metric tons, Chile 66,000 metric tons and Canada 45,500 metric tons.

Volumes from Ireland amounted to 7,000 metric tons and from Faroes volumes were 10,000 metric tons.

Total operational EBIT per kg through the value chain was:

  • Norway €1.75 ($2)
  • Scotland €0.60 ($0.69)
  • Chile €0.65 ($0.74)
  • Canada €0.05 ($0.06) (Canada West: €1.05 ($1.20))
  • Ireland €0.95 ($1.10)
  • Faroes €1.40 ($1.60)

Mowi's complete fourth quarter report will be released Feb. 16.

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On Jan. 14, Mowi updated the number of salmon it lost last year at its eastern Canada operations, revealing the figure is substantially higher than initially thought.

The company reported finalized losses of 1.7 million fish in 2021, approximately 59 percent more than previous estimated losses based on the 10 percent reporting threshold.

Meanwhile, on Monday, Mowi Canada West said is permanently closing its fish processing plant in Surrey, British Columbia. The decision, the company said, is a direct result of the Canadian Government’s 2020 ruling to cancel salmon farming licenses in the Discovery Islands.

The Surrey plant is expected to close in late March.

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