Sea Harvest revenue jumps 54%

Sea Harvest Group on Monday announced its financial results for the year ended December 31, 2019, with headline earnings increasing by 48% to R410 million.

Headline earnings per share (HEPS) increased 33% to R1.49 per share and earnings per share (EPS) increased 32% to R1.49 per share. The group delivered operating profit of R600 million for the year, 54% higher than in 2018. This benefited profit after tax which increased 35% to R396 million, the group said.

Group revenue for the year increased 54% to R3.97 billion, as the group is still reaping the benefits from the acquisition of Viking Fishing and Viking Aquaculture in July 2018 and the acquisition of Ladismith Cheese in January 2019, it said. 

A final cash dividend of 50 cents per ordinary share was declared, up 25% from the prior year's 40c. This year's dividend comprises of a 45c ordinary dividend and special dividend of 5c.

The group generated R768 million of cash from its operations, utilised R861 million in investing activities and R252 million generated in financing activities, ending the year with R229 million of cash on hand.

In other activities, work has commenced on the expansion of the Diamond Coast Aquaculture abalone facility in the Northern Cape and two wind turbines have been insetalled at the Buffeljags abalone farm, reducing the farm's dependency on the grid and reducing its operating costs, the group said.

The share price, which opened at R14.39 on Monday was trading 0.42% stronger at R14.45 by 12:34.

Compiled by Carin Smith

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