Norwegian salmon farmer Mowi noted a significant upswing in its earnings for the fourth quarter of 2022 in a trading update on Monday, driven largely by higher-than-expected volumes harvested in Norway.
The company reported a 64 percent increase in operational earnings before interest and taxes (EBIT) reaching €239 million ($258 million) compared with €146 million ($157 million) during the same quarter a year earlier.
The salmon giant's Consumer Products and Feed divisions were two units with solid increase in earnings during the quarter.
The Consumer Products unit generated €42 million ($45 million) in operational EBIT, up 62 percent on the same quarter last year, while the Feed division generated €17 million ($18 million), more than double the same period last year.
For the full year, the group posted an operational EBIT of just over €1 billion ($1 billion).
The company said it harvested 130,500 metric tons of salmon during the fourth quarter of 2022, compared to an expected 127,000 metric tons, and previously guided 126,900 metric tons.
In the Norwegian operations in particular, Mowi's harvest volume was 10 percent higher than expectations at 87,000 metric tons, compared with a forecast 79,100 metric tons.
The full financial report will be published next month.