Premier Fishing and Brands Limited, one of the leading fishing companies in South Africa, has achieved a profit increase by 14 per cent and profit after tax increase by 59 per cent, said the company in its results for the interim period to 28 February 2018
According to the company, this was mainly driven by the strong performance in the squid and lobster divisions for the period under review.
Reflecting on the period under review, Samir Saban, CEO of Premier, said, “Since listing the group on the JSE last year, we faced tough trading and environmental conditions but, despite this, the company has achieved positive results.”
The revenue increased by one per cent to US$14.70mn from US$14.54mn in the prior period and also had a positive effect on the growth margin, increasing it to US$6.04mn from US$5.64mn in the prior period.
Premier has demonstrated that it has delivered on its growth strategy by completing its acquisition of Talhado Group (Talhado).
On 16 May 2018, Premier announced the approval of its first acquisition of controlling interest of 50.31 per cent in Talhado which is one of the largest squid company’s in South Africa. The strategic acquisition of Talhado was made for its squid fishing rights, brand, processing facilities as well as to enhance the group’s footprint in the squid sector.
The group puts sustainable fishing at the core of its business ethos and it complies with all industry laws and regulations in South Africa and its fishing methods and standards are in line with global standards.
Khalid Abdulla, group CEO of majority shareholder African Equity Empowerment Investments Limited (AEEI) and deputy chairman of Premier, added, “As the global appetite for fish grows, the need to protect overfishing and the replenishment of the marine population, aquaculture will remain a key element of Premier’s long-term strategy, complemented by further aligned acquisitions to diversify the company’s product offering.”
As a black-owned and managed fishing business, Premier aims to implement the principles of transformation and broad-based black economic empowerment.
Abdulla concluded, “The group’s resultant strong financial position will enable it to aggressively pursue acquisitions as well as further its organic growth strategies.”