Kiwifruit grower and post harvest operator Seeka has reported a record revenue for the year driven by a rebound in kiwifruit volumes and a lift in production.
File image. Photo: RNZ / Susan Murray
Key numbers (for the 12 months ended 31 December 2021 vs year ago)
- Net profit $14.9m vs $15.2m
- Revenue $309.6m vs $251.5m
- Operating earnings $56.8m $42.9m
- Dividend 13 cents per share vs 12cps
The company's net profit is down 2 percent as 2020's result included a $5.6 million deferred tax benefit.
Its operating earnings included $7.6m from the Crown's settlement of the kiwifruit claim over the arrival of the vine killing disease, PSA.
Chief executive Michael Franks said the 2021 performance came from a "deliberate strategy" to improve its underlying operating earnings.
The 23 percent growth in revenue was lifted by a rebound in Hayward kiwifruit volumes and the ongoing lift in SunGold kiwifruit production, Franks said.
"As we lifted our financial performance, Seeka has also increased its regional service with three major kiwifruit acquisitions," he said.
The company acquired Ōpōtiki Packing and Coolstorage Limited and Kerikeri-based Orangewood Limited in 2021, and earlier this month it acquired the Gisborne-based NZ Fruits Limited.
"These acquisitions have grown Seeka's market share, and we are planning on handling 26 percent of the national kiwifruit crop in 2022," Franks said.
Looking ahead for the rest of 2022, Seeka said it was pursuing an active growth strategy.
"By becoming bigger and more diverse, Seeka is building a robust, sustainable business to deliver performance to shareholders, employees and our supply chain partners.
"We are excited by the progress we have made in FY21, which has grown our fruit supply base by more than 25 percent, and look forward to tangible benefits being generated for stakeholders in FY22."