The largest business in the Sea Harvest Group and main driver of its firm results is its South African Fishing business. This segment represented 64% of revenue and 90% of earnings before interest and tax (EBIT) for the period. The Group’s solid performance was driven by:
Firm global and local seafood demand.
Improved catch rates in its hake business.
The addition of two new hake freezer trawlers and improved vessel utilisation boosted landed hake volumes by 15%.
Pricing increases resulting from strong demand for wild-caught fish across all markets.
Pelagic business delivered pleasing performance with higher processed volumes and improved fish oil yields.
Cape Town, 1 September 2025 – The Sea Harvest Group today reported a solid set of results for the six months ended 30 June 2025. The Group’s performance was primarily driven by higher hake catch rates, significantly improved pricing (due to continued strong seafood demand) and efficiency gains in its hake operations, along with good volume growth in the newly acquired pelagic business.
Revenue increased by 34% to R4.4 billion (2024: R3.3 billion), reflecting a mix of organic and acquisitive growth following the inclusion of Sea Harvest Pelagic and Aqunion for the full six-month period. Earnings before interest and tax (EBIT) increased by 58% at an EBIT margin of 13% (2024: 11%), while headline earnings per share (HEPS) increased by 91% to 95 cps.
Sea Harvest CEO Felix Ratheb said:
“The last three years have been tough as fishing catch rates were at the lower end of the cycle and fuel prices at their peak. This necessitated determined cost reductions and a focus on maximising value for species in high demand globally. Once catch rates turned in 2025, and fuel prices normalised, the business was proved “fit” for operational excellence which resulted in significantly improved performance. Since listing, our strategy to secure our quota volumes, invest in our assets, enhance margins and grow through acquisitions has built a substantial, diversified seafood group. Today we export to more than 30 countries, earn 60% of our fishing revenue offshore, with maximum beneficiation in South Africa; furthermore, we retain a strong pricing influence that underpins our resilience as a Rand-hedge and as a local and global player.”
Sea Harvest Fishing Group COO Konrad Geldenhuys added:
“We are pleased to have effectively leveraged the 5% increase in the hake total allowable catch and the strong demand for sustainable seafood to drive the Group’s strong performance.”
Looking forward, Ratheb concluded:
“As we embark on a new strategic phase over the next 3-years we seek to build on our strategic achievements thus far since listing. Our outlook for our South African fishing business remains positive, driven by a stable biomass, security of tenure, very strong demand fundamentals globally and economies of scale delivering strong margins. Although still a smaller part of our business, our abalone and Australian operations are being restructured to prepare for long-term recovery as market fundamentals improve. We also remain committed to reducing our debt and supporting a higher dividend through stronger cash flows, disciplined investment, and selective disposals.”
PERFORMANCE TO 30 JUNE 2025
Financial Performance
- Revenue up 34%
- 13% organic growth from volume gains and stronger hake pricing
- 21% acquisitive growth from Sea Harvest Pelagic and Aqunion acquired in May 2024
- Operating profit up 104% to R633 million (2024: R311 million)
- Operating profit margin improved to 14% (2024: 9%) on good top-line growth and volume efficiencies
- HEPS increased by 91% to 95 cents (2024: 50 cents)
- Cash from operations of R678 million (2024: R268 million) and net cash from operating activities R479 million (R71 million).
- The Group net debt to EBITDA ratio improved to 2.1 times (31 December 2024: 2.5 times)
Operating Performance
The South African Fishing Group includes the results of Sea Harvest Corporation, the core hake business, and Sea Harvest Pelagic, the vertically integrated wild-caught pelagic fishing business.
- Segment revenue increased by 42% to R2.8 billion (2024: R2.0 billion), benefiting from the inclusion of Sea Harvest Pelagic for the full period
- EBIT increased by 74% to R568 million (2024: R326 million)
- EBIT margin expanded to 20% (2024: 16%)
South African Fishing (64% of group revenue and 90% EBIT)
Sea Harvest Corporation (hake business) delivered a healthy performance, with hake catch volumes up 15% on the back of a 5% increase in the total allowable catch (TAC) and improved vessel utilisation. Revenue rose 19% to R2.1 billion, supported by strong global demand resulting in 10% higher selling prices. EBIT nearly doubled to R429 million, with the EBIT margin expanding to 21%.
Sea Harvest Pelagic (pelagics business) delivered revenue of R879 million and EBIT of R144 million at an EBIT margin of 16%. While record low anchovy and pilchard TACs created headwinds, the business offset these impacts through strong red-eye catches, high fish oil yields, and disciplined cost management.
Sea Harvest Aquaculture (4% of group revenue and EBIT loss)
Aquaculture remained under pressure due to weak demand and lower selling prices in Hong Kong and China. With the inclusion of Aqunion, revenue increased by 63% to R167 million, while operating profit of R8m converted to an EBIT loss of R39 million due to the lower fair value of biological assets. Management has implemented cost-reduction strategies and continues to diversify markets and improve product mix.
Australia (10% of group revenue and 0% of EBIT)
The Australian business increased revenue by 7% to R455 million, supported by improved pricing and a strong engineering division performance. EBITDA (earnings before interest, tax, depreciation and amortisation) improved to R27 million from R9 million in 2024.