Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey

Sea Harvest processes a variety of chilled and frozen premium seafood products.

Sea Harvest Delivers Resilient Results in a Difficult Trading Environment

  (SOUTH AFRICA, 9/27/2023)

The Sea Harvest Group delivered a resilient set of interim results for the six months ending 30 June 2023 with the period highlighted by significant cost inflation and the continued impact of load shedding.

Group revenue increased by 18% to ZAR 3.2 billion (USD 167,978,560), driven by strong demand and higher selling prices across all four business segments, whilst earnings before interest and tax (EBIT) was 23% ahead of the same period in 2022, and headline earnings per share (HEPS) 19% ahead.

 Felix Ratheb.

Sea Harvest Group CEO, Felix Ratheb, says, “Strong demand for our products, both locally and internationally, resulting in higher selling prices in all markets and channels and the weaker rand against our basket of trading currencies mitigated the material cost inflation the Group experienced compared to the same period last year.”

Discussing the Group’s South African Fishing business Ratheb added, “We continue to recover from the FRAP volume losses, which were compounded by challenging fishing conditions, due to the erratic weather and lower catch rates in the first half of the year. The team did well to mitigate the lower volumes through higher selling prices and a higher value market mix, buoyed by strong demand and a weaker rand, and, with a relentless focus on cost containment, we achieved a pleasing 15% operating profit margin in a difficult environment.”

Ratheb also touched on the Group’s Australian operations, which performed ahead of expectations during the first half of 2023, despite having to absorb six months of fixed costs associated with the MG Kailis acquisition. “With prawn fishing only starting in April, the Australian business is very much weighted to H2. The Group’s other seafood orientated business in aquaculture also remains on target with regard to its improved performance where it benefitted from a recovering Asian market, a higher value product mix, and a weaker rand, resulting in the abalone business turning profitable in the first half of 2023. We successfully acquired most of the minority shareholders in Viking Aquaculture during the period, increasing our shareholding to 82%, and we are confident on the future of the abalone business and its continued recovery,” he adds.

The Sea Harvest Group catches, processes and markets: Cape hake, horse mackerel, pilchards, anchovies, and prawns from South Africa, as well as prawns from Mozambique, as well as Shark Bay, and Exmouth prawns together with Spanish mackerel and Fish Trawl from Western Australia.

The Group’s Cape Harvest Foods segment faced a perfect storm from a supply chain perspective, challenged with lower countrywide milk flow, significant cost inflation, including a double digit increase in the milk price, load shedding and a load shedding related fire at Ladismith Cheese. “Despite these challenges and a constrained consumer, higher selling prices resulted in a 9% increase in revenue. However, the disruptions in the period weighed heavily on profitability, particularly at BM Foods, our convenience foods business, which was unable to fully recover the significant cost inflation,” states Ratheb.

Sea Harvest embraces sustainable business practices throughout its operations.

Meanwhile, Ratheb explains that the R22 million direct impact due to load shedding was exacerbated by the indirect costs associated with the significant disruption caused to the entire supply chain. “With load shedding forecasted to continue into the near future, the team is now at an advanced stage investing in renewable solutions to mitigate costs and disruptions,” he adds.

With central banks both in South African and Australia hiking rates, average interest rates have increased by 47%, doubling the interest burden of the Group.

The Group harvests wild-caught seafood off the coasts of South Africa, Mozambique and Australia and processes the catch into a variety of chilled and frozen premium seafood products.

“While local and international markets are firm and demand for our products remain strong, the trading environment remains challenging with consumers under pressure and cost increases not showing any signs of easing,” concludes Ratheb.

About Sea Harvest

The Sea Harvest Group is a leading seafood, agri-processing and branded fast-moving consumer goods (FMCG) business with a global footprint. Sea Harvest was established in 1964 and has developed a strong reputation and solid long-term relationships with its geographically diverse international customer base.

The Group harvests wild-caught seafood off the coasts of South Africa and Australia and processes the catch into a variety of chilled and frozen premium seafood products. Through Sea Harvest Aquaculture, the company farms shellfish species. The varied wild-caught and farmed products are then packed and marketed to a local and international customer base. The company's agri-processing business produces value-added dairy products, such as cheese, butter and powders, for the South African retail and foodservice markets. Sea Harvest's convenience foods business produces premium convenience foods for the retail and foodservice markets in Southern Africa.

Source: Sea Harvest

Previous News

[email protected]

Information of the company:
Address: Boulevard Office Park, Searle Street - P.O. Box 761
City: Woodstock
State/ZIP: (7925)
Country: South Africa
Phone: +27 21 468 7900
Fax: +27 21 465 5883
E-Mail: [email protected]
More about:


View Larger Map

Approval / Accreditation / Certified / Oversight by...
HACCP  MSC/Marine Stewardship Council  E.U.  USDA/USDC & FDA 


Click to know how to advertise in FIS
Discovery Tour to Showcase Responsible Salmon Farming in Norway
Skretting Introduces New Feed Formulation Concept
FDO Showcases Range of Seafood Products at HORECA Oman 2024
Atlantic Sapphire Further Reduces Carbon Footprint by Joining Esteemed FPL Solar Together Program
GSA Launches BAP Consumer Websites in French and German
High Liner Foods Invests US$10M in Andfjord Salmon
Blue Star Foods Reports 19% Growth to U$2.3 M Revenue for First Quarter Ended March 31
Filetfabrikken is Ready for the Future of Fish Processing
Wanda Fish Unveils Its First Cell-Cultivated Bluefin Tuna Toro Sashimi
Veramaris Achieves a Record-breaking Year With a 50% Increase in Production Volumes
Online registration is Now Open for Aquaculture Vietnam 2024
Tasmanian Oyster Company Renews Friend of the Sea Certification
Good Results in a Biologically Challenging Quarter for Mowi in Norway
Coles Canned Tuna Range to Get Tick of Approval from MSC
Seaweed Caviar: The “Roe” of the Future
A Gourmet Line of Peruvian Seafood Like no Other
Shinkei Announces USD 6 Million in Seed Funding for Sustainable Robotic Fish Harvesting
BEWI Introduces New EPS Grades and Fish Boxes with 60% Lower CO2 Footprint
Enabling the Blue Food Revolution
American Seafoods Releases Annual Sustainability Report
More Articles...

Southeast Pacific Squid Index: Giant squid (dosidicus gigas)
China In order to continuously enhance the ability to control squid resources and price influence, and conduct more accurate resource assessment and forecasting, the China Ocean Fisheries Association&n...
Fishing Sector Calls for Essential Collaboration Between Governments and NGOs to Tackle the Challenge of Feeding a Growing Global Population
Worldwide The fishing sector has appealed to the need to collaborate and work with governments and environmental NGOs if we want to guarantee the feeding of an estimated world population of 9.8 billion people i...
'Maritime Congress-Far East' - Russian Fishery Company as a driver for the development of the fishing industry in the Far East
Russia Fed. The Russian Fisheries Company (RRPC) took part in the “Maritime Congress - Far East”, which brought together more than 1,200 delegates from different countries in Vladivostok. One of the world lea...
Major Japanese food processing firm launches plant-based 'tuna sashimi' for restaurants
Japan A major Japanese food processing company began selling "tuna sashimi" made from plant-based ingredients to domestic restaurants. The aroma and texture of the red meat of tuna are reproduced,...

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER