Sea Harvest talk Profit as a Result of "exception performance" of its Saldanha Bay factories.

The fishing group‚ which relisted on the JSE in March 2017‚ said in a statement that profit after tax rose 103% to R267m, partly as a result of the "exception performance" of its Saldanha Bay factories.

 

Picture: ISTOCK

Headline earnings per share (HEPS) rose 91% to 108c, towards the upper end of its recent guidance of between 74% and 98%.

Group revenue rose 10% to R383m. The group’s gross profit margin rose 34% to R717m, largely due to efficiency gains as a result of investments in factory freezer vessel capacity and land-based improvements.

Export volumes and price increases partially offset the effect of the stronger rand, with strong global demand driving pricing across all markets, the company said.

During the period under review the rand appreciated 8% against a basket of currencies relevant to the group, while total allowed catch rose 5%. Export prices rose 6% in real terms.

Sea harvest relisted on the JSE on March 23, raising R1.2bn in capital through the listing of about 106-million ordinary shares at a price of R12.50.

At 9.40am Sea Harvest’s share price had gained 0.87% to R11.60, having lost 7.2% in the course of 2018.

• Businesslive