Sea Harvest Group has reported strong interim results for the six months ending 30 June 2025, with headline earnings per share (HEPS) rising by 91% to 95 cents. The group’s revenue grew by 34% to R4.4 billion, up from R3.3 billion in the same period last year. This growth was attributed to both organic expansion and acquisitions, including the full-period contributions of Sea Harvest Pelagic and Aqunion.
The South African Fishing business remains the largest contributor within the group, accounting for 64% of total revenue and generating 90% of earnings before interest and tax (EBIT). Improved hake catch rates, higher demand for seafood globally and locally, as well as increased pricing for wild-caught fish supported these results. The addition of two new hake freezer trawlers and better vessel utilisation led to a 15% increase in landed hake volumes.
Within this segment, Sea Harvest Corporation saw its revenue rise by 19% to R2.1 billion due to strong global demand and a 10% increase in selling prices. EBIT nearly doubled to R429 million, resulting in an expanded EBIT margin of 21%. Sea Harvest Pelagic delivered R879 million in revenue with an EBIT margin of 16%, overcoming challenges from low anchovy and pilchard quotas through high red-eye catches and improved fish oil yields.
Felix Ratheb, CEO of Sea Harvest Group, commented: “The last three years have been tough as fishing catch rates were at the lower end of the cycle and fuel prices at their peak. This necessitated determined cost reductions and a focus on maximising value for species in high demand globally. Once catch rates turned in 2025, and fuel prices normalised, the business was proved ‘fit’ for operational excellence which resulted in significantly improved performance. Since listing, our strategy to secure our quota volumes, invest in our assets, enhance margins and grow through acquisitions has built a substantial, diversified seafood group. Today we export to more than 30 countries, earn 60% of our fishing revenue offshore, with maximum beneficiation in South Africa; furthermore, we retain a strong pricing influence that underpins our resilience as a Rand-hedge and as a local and global player.”
Konrad Geldenhuys, COO of Sea Harvest Fishing Group added: “We are pleased to have effectively leveraged the 5% increase in the hake total allowable catch and the strong demand for sustainable seafood to drive the Group’s strong performance.”
The pelagic business achieved higher processed volumes despite record low quotas for anchovy and pilchard species by focusing on red-eye catches along with disciplined cost management.
Sea Harvest’s aquaculture division faced ongoing pressure due to weak demand from Hong Kong and China markets combined with lower selling prices. Revenue rose by 63% following Aqunion’s inclusion but still resulted in an EBIT loss of R39 million because of reduced biological asset values.
The Australian operations contributed about one-tenth of group revenue but did not add materially to profits; however, EBITDA improved from R9 million last year to R27 million this period due largely to stronger pricing strategies.
Looking ahead at future plans for growth over the next three years Felix Ratheb said: “As we embark on a new strategic phase over the next 3-years we seek to build on our strategic achievements thus far since listing. Our outlook for our South African fishing business remains positive, driven by a stable biomass, security of tenure, very strong demand fundamentals globally and economies of scale delivering strong margins. Although still a smaller part of our business, our abalone and Australian operations are being restructured to prepare for long-term recovery as market fundamentals improve. We also remain committed to reducing our debt and supporting a higher dividend through stronger cash flows, disciplined investment, and selective disposals.”
Sea Harvest continues its focus on efficiency improvements across all segments while maintaining efforts toward market diversification especially within its aquaculture activities.