Squid pro quo: Calamari takes up the slack at Premier
Chokka-block catches in a traditionally quiet season
Premier Fishing and Brands, which was listed on the JSE early in 2017, managed to firm up margins in the traditionally quieter first six months trading to end February.
The squid division was the star performer with operating profits surging to R8.3-million (R4.6-million last year).
Premier CEO Samir Saban said the squid industry experienced exceptional catch rates with the landed and sales volumes for Premier’s division more than doubling.He said the market for South African squid remained stable despite the significant increase in landed volumes. The euro sales prices achieved were similar to the prior interim period.The robust condition of the squid sector is good news for Premier, which this week finalised the acquisition of Port Elizabeth-based squid enterprise Talhado. Premier disclosed that Talhado’s net profit for the quarter to end February was R29-million.
Interim results released on Thursday showed Premier’s profit after tax increased 59% to R29-million – but a chunky R22-million was earned in interest from the enhanced cash pile after fresh capital was raised at listing.
Saban said the company looked forward to the latter half of the financial year. “This is where the bulk of our performance is achieved due to the seasonal nature of our business.”