Cape Town, South Africa-based Sea Harvest Group increased both its earnings and revenue in the first six months of 2024, despite dealing with low catch rates and the sinking of one of its fishing vessels.
In its recently released unaudited results, the company posted revenue of ZAR 3.3 billion (USD 185 million, EUR 166 million) in the six months ending 30 June 2024, up from ZAR 3.2 billion (USD 179 million, EUR 161 million) in the same period of 2023. Gross profit increased to ZAR 944 million (USD 52 million, EUR 47 million), up from ZAR 777 million (USD 43 million, EUR 39 million).
Operating profit for Sea Harvest also increased in H1 2024, reaching ZAR 310 million (USD 17 million, EUR 15 million), up from the ZAR 252 million (USD 14 million, EUR 12 million) it posted in 2023. Its EBIT also increased, reaching ZAR 373 million (USD 20 million, EUR 18 million) – a 6 percent increase from the ZAR 352 million (USD 19 million, EUR 17 million) it posted in 2023.
During the period, the company finalized the acquisitions of Aqunion and Saldanha/Westpoint Fishing, expanding the company’s species into pelagic fishing and doubling Sea Harvest Group’s abalone business.
“This transaction is of strategic benefit to Sea Harvest as it has increased the Group’s hard currency earnings, created a stronger merged business, increased black ownership in the fishing and abalone industries, and broadened Sea Harvest’s shareholder base,” Sea Harvest Group Chairman Fred Robertson said in a release.
The positive results came even as the company dealt with the sinking of the FV Lepanto on 17 May 2024. The vessel put out a distress call 34 nautical miles west of Slangkop Point Light in Cape Town, and 11 of 20 crew members were lost.
“The first six months of this year have been some of the toughest months in the history of the Group with the tragic sinking of the FV Lepanto,” Sea Harvest Group CEO Felix Ratheb said. “The Board, management, and staff extend our deepest condolences to the families and loved ones to the 11 crewmen lost at sea.”
The period was also marked by ...
