Sea Harvest Group recorded a 125 per cent increase in operating profit to ZAR1.3 billion ($73 million) for the year ended December 31, 2025. The company attributed this performance to higher hake catch rates, improved pricing, and cost control measures across its operations.
Group revenue from continuing operations grew by 20 per cent to ZAR6.64 billion during the period. This growth was supported by organic expansion and the full-year inclusion of the Sea Harvest Pelagic and Aqunion businesses.
Within the South African fishing segment, revenue rose 24 per cent to ZAR5.1 billion as hake landings increased by 17 per cent. It noted that the performance benefited from the addition of two new freezer trawlers and improved vessel utilisation.
These vessels include the Harvest Camissa and Santo do Mar. The group also reported that hake catch rates significantly improved due to a strong biomass in the region.
Sea Harvest Group entered into an agreement to sell its shares in Ladismith Cheese to Fairfield Dairy for ZAR840 million and reported the disposal is expected to close in the first half of 2026. It added that proceeds from the sale are earmarked to reduce existing debt.
Net debt decreased by ZAR417 million to ZAR2.25 billion by the end of the year. It added that headline earnings per share from total operations increased four-fold to ZAR2.19.
Subdued demand in key markets such as Hong Kong and China led the company to mothball its Kleinzee and Whale Rock abalone farms. It subsequently recognised an impairment loss of ZAR153 million for the aquaculture segment.
Operating profit within the Australian operations rose to ZAR65 million following improved prawn pricing. To account for a government-mandated 50 per cent reduction in fishing effort within the Shark Bay managed prawn fishery, the group recognised an impairment of ZAR198 million in the region.
Sea Harvest stated it is focused on consolidating non-core assets and under-performing businesses, and that it will also maintain a focus on improving operational efficiencies and extracting value from markets.