Seeka declares record six-month profit result

Seeka has announced a record profit of $37.8 million in the six months to the end of June. Kiwifruit packing automation contributed to the result.

Seeka has declared a record profit after tax of $37.8 million for the six months ended June 30.

New Zealand kiwifruit volumes of 47.1 million Class 1 trays were up on the previous corresponding period’s (pcp) 43.0 million trays.

Improved growing conditions benefited Seeka’s New Zealand orcharding and post-harvest businesses, while its SeekaFresh business continued to build on its base, the company said in a release.

Seeka’s Australian business increased overall production and earnings following a good growing season and the introduction of new produce lines.

Earnings before interest, taxes, depreciation and amortisation for the six months lifted to $83.5m from $68.4m in the pcp.

Net profit before tax was up 32% to $59.4m, and net profit after tax of $37.8m was more than double the pcp’s $17.1m.

Seeka’s financial performance benefited from investments in post-harvest automation. The company packed a record 47.1 million trays of kiwifruit across its 11 New Zealand export sites.

Chief executive Michael Franks said the operating results were pleasing, noting they were the result of a deliberate strategy enacted by the company.

“Seeka is well-positioned for future growth with a strengthening balance sheet, and has automation projects under way to handle the anticipated growth in New Zealand’s kiwifruit industry.”