Sea Harvest sees profits surge on hake performance and acquisitions

Sea Harvest Group delivered robust results for the six months ended June 30, 2025, with revenue climbing 34% to R4.4 billion. This growth was fueled by a 13% organic expansion, mainly from improved pricing and volumes in the hake business, and a 21% contribution from recent acquisitions. Profit after taxation attributable to shareholders surged 87% to R330 million, while headline earnings increased 120% to R318 million.

The hake business, Sea Harvest Corporation, saw its EBIT soar 95% to R429 million, with the EBIT margin expanding to 21%. This was attributed to higher catch rates, increased sales volumes, and strong demand. Basic headline earnings per share rose 91% to 95 cents. However, the Aquaculture segment faced challenges with lower demand and selling prices, resulting in an operating loss of R39 million.

Despite the strong performance, no interim dividend was declared for the six months ended June 30, 2025, in accordance with the Group's dividend policy. The Group's net asset value per share decreased by 8% to 1,242 cents.