Mowi reports record high volumes in 2020
Wednesday, February 17, 2021
Mowi’s farming division recorded all-time high harvest volumes for the quarter and the full year 2020. Consumer Products continued to benefit from the shift in demand towards elaborated products and delivered all-time high quarterly and full-year volumes. Feed also delivered another good set of results and, similarly to Consumer Products, delivered record quarterly and full-year volumes.
“I would like to take this opportunity to thank all my colleagues at Mowi for delivering record-high volumes in all divisions in an extremely challenging year. At the same time, we have managed to keep everyone safe during the COVID-19 pandemic so far by employing the strictest biosecurity measures across our business,” Mowi CEO, Ivan Vindheim, said.
Mowi’s results in the fourth quarter were significantly impacted by COVID-19 and extensive lockdown measures, together with seasonal high supply. The company reported an operational EBIT of €49 million in the fourth quarter of 2020, compared with €166 million in the corresponding quarter in 2019. Costs are reduced compared with the fourth quarter last year, hence the decline in results is explained by significantly lower prices.
“The pandemic still impacts out-of-home consumption to a large degree and although retail sales are strong and offset some of the demand shortfalls, overall demand was down by approximately 5%. However, we still strongly believe in the positive long-term market outlook for the industry. A significant share of new customers in retail is expected to permanently increase their retail consumption rates post COVID-19, even as the foodservice segment gradually re-opens in due course,” Vindheim said.
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