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Fishing company posts profit amidst year of investment
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Fishing company posts profit amidst year of investment

Sea Harvest Records an Increase in Headlines Earnings

SOUTH AFRICA, Cape Town: The Sea Harvest Group has delivered headline earnings of R278 million for the year ended 31 December 2018, an increase of 18 percent compared to the same period last year.

Revenue for the year grew 21 percent to R2.58 billion (2017: R2.13 billion), whilst operating profit grew 16 percent to R389 million (2017: R334 million). The operating margin was maintained at 15 percent.

The year under review, being the 2nd year post the Group’s listing on the Johannesburg Stock Exchange (JSE), saw the Group extend its asset base significantly from R2.6 billion to R4.85 billion, in line with its organic and acquisitive growth strategy.

According to Sea Harvest Group CEO, Felix Ratheb, “Sea Harvest had a very busy 12 months. We continued to make sizeable investments aimed at securing the sustainability of the business well into the future, while also driving transformation within the fishing industry and positively impacting local communities. This included acquiring two sizeable businesses, namely, Viking Fishing and Viking Aquaculture; taking ownership of our second Sterkoder freezer vessel, which extended Sea Harvest’s reach in the international market; and implementing efficiency projects, including a technology upgrade from Iceland in our main Saldanha Bay factory. This positive result was achieved after having to absorb significant once-off transaction and restructuring costs.”

“The acquisition of Ladismith Cheese was effective 2 January 2019, bringing further diversification to the Group, and on 5 February 2019, Sea Harvest launched an offer to acquire the remaining 44 percent of our majority owned Australian investment, Mareterram.”

Headline earnings per share (HEPS) increased 4% to 112 cents per share, impacted by the dilutive effect of the increase in the weighted average number of shares (WANOS) in issue. The Group has declared a dividend of 40 cents per share, up 29% over the prior year’s dividend of 31 cents per share.
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