Strong demand for wild caught fish buoys performance

Sea Harvest Group posts revenue increase

SOUTH AFRICA: Benefiting from improved pricing and strong demand in wild-caught fish, the Sea Harvest Group has recorded a three percent revenue increase to R3.3 billion over the last six months.

Acknowledging the tragic incident that saw the loss of 11 crewmen during the same period, CEO Felix Ratheb described the first six months of the year as the “toughest months in the history of the Group”.

“The Board, management and staff extend our deepest condolences to the families and loved ones to the 11 crewmen lost at sea. As, a Group, we continue providing support to the affected families, whilst continuing to cooperate with the investigation into the incident by the South African Maritime Safety Authority (SAMSA),” he said.

The Group has completed the strategic acquisition of Aqunion and Saldanha/Westpoint Fishing which sees the company diversifying their exposure to include pelagic fishing. It has also effectively doubled their abalone business.

Commenting on the acquisition, Sea Harvest Group Chairman, Fred Robertson, noted that the transaction served to increase earnings and create a stronger business. “This transaction has increased black ownership in the fishing and abalone industries and broadened Sea Harvest’s shareholder base,” he added.

Lower catch volumes in the hake fishery were offset by significantly higher prices. “As we continue into the second half of 2024, we look forward to the fish volumes still available to be caught by the Group,” says Felix.

“With the addition of Sea Harvest Pelagics and Aqunion and the potential decrease in of interest rates, the Group looks forward to an ease in operating conditions for the rest of the year,” concluded Felix.