Sealord announces stellar year

19 December 2019

Sealord Group Ltd has reported a net profit after tax of NZD $32.2 million for its financial year ended September 30, 2019. The result is 32.6% higher than their 2018 result. Revenue increased 4.5% from the prior year to $359.8 million.

Sealord Group CEO Steve Yung said, “The group enjoyed a stellar year on the back of strong pricing in both export and domestic markets, a favourable squid season and a record profit year for Petuna Aquaculture, our Tasmanian salmon joint venture.”

Following a poor 2018, Petuna’s 2019 result was particularly pleasing. Focus on operational excellence at the hatchery, sea farms and factory promoted strong fish growth, low fish mortalities and provided high-quality product for the sales team.

Sealord’s new vessel Tokatu proved her worth catching New Zealand deep-sea species. Fishing results showed continuous improvement as the crew became more familiar with the vessel and catching and processing each species as the year progressed.

Nga Tapuwae o Maui, the arrangement announced in March 2019 between Sealord and Iwi (allowing Sealord access to Annual Catch Entitlement (ACE) on a long-term basis, with greater returns to Iwi), enables Sealord to work with a more consistent catch plan. “Nga Tapuwae o Maui is founded on tikanga Māori, where Māori work collectively together for the benefit of all,” says Sealord Chairman Whaimutu Dewes. “Taku toa he toa takitini; ehara i te toa takitahi. Our achievements are brought by the effort of many.”

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