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Sea Harvest processing facilities. (Photo: Sea Harvest)

Sea Harvest achieves strong growth in H1

  (SOUTH AFRICA, 8/23/2017)

Sea Harvest Group managed to increase its headline earnings by 217 per cent, to ZAR 111 million (USD 8.4 million) for the six months ending on June 30 compared to the same period last year.

The firm attributes this good result to a better operation performance thanks to investments in the fleet and land-based operations as well as the continued strong global demand for Cape hake, among other factors.

During the analysed period, the rand was strengthened by 16 per cent compared to the same six-month period in 2016 and this had an impact on the revenues from its South Africans. However, this improvement was offset by the firm pricing and strong demand across all channels and markets, resulting in South African operations revenue decreasing marginally by 2 per cent.

On the other hand, South African operations' export volumes increased by 11 per cent and export volume mix grew to 43 per cent from 39 per cent in the same period last year, as the business continued to focus on higher margin sales.

Meanwhile, the Group’s revenue for the period increased by 25 per cent to ZAR 1.06 billion (USD 80.3 million) compared to the same period last year.

The gross profit was ZAR 354 million (USD 26.8 million), against ZAR 270 million in the first six-month period of 2016 and the gross margin benefit improved by 33 per cent (2016: 32 per cent) despite the stronger rand impact.

During the analysed period, Sea Harvest completed the acquisition of a controlling interest in the company Mareterram, whose revenue contributed ZAR 227 million (USD 17.2 million) to the Group's revenue for the period.

The Group delivered EBIT of ZAR 206 million (USD 15.6 million) during the period, representing an increase of 147 per cent over 2016.

As to the outlook for the second half of the year, the Group expects that the international demand continues to be strong for high value wild caught species such as Cape hake and Shark Bay prawns.

"The rand has weakened compared to the average for the first half of the year and the hedges in place for the second half of the year are more favourable than the first half of the year," the Group’s financial report stressed. 
 


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Information of the company:
Address: Boulevard Office Park, Searle Street - P.O. Box 761
City: Woodstock
State/ZIP: (7925)
Country: South Africa
Phone: +27 21 468 7900
Fax: +27 21 465 5883
E-Mail: [email protected]
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