August 30, 2018

New Zealand King Salmon reports record FY2018 result

New Zealand King Salmon reported a net profit after tax of NZ$16.1 million in the 12 months through June 2018, up 14% on company forecast.

The company also achieved a pro-forma operating Ebitda (earnings before interest, taxes, depreciation and amortisation) of NZ$26.2 million (up 21% from last year), which was not only a record for the company, but also well above forecast.

A total of 7,779 tonnes of gilled and gutted salmon were sold, up 8% on fiscal year 2017 and 4% on forecast.

The company said volume and value growth were supported by strong branding and focused sales activity, and came about despite sustained higher summer water temperatures that resulted in a significant increase in mortality.

Also during the period under review, the company:

-- experienced strong sales growth in export markets, including increased sales of Ōra King;

-- launched ultra-premium Ōra King TYEE salmon; and

-- became the first company in Australasia to achieve the highest "Best Aquaculture Practices" third-party certification (four-star) from Global Aquaculture Alliance.
 

New Zealand King Salmon is the world's largest aquaculture producer of the premium King salmon species. Its four key brands are Ōra King, Regal, Southern Ocean and Omega Plus, as well as the New Zealand King Salmon label.