Seeka Limited (NZX: SEK) Reports a Six Month Net Profit Before Tax of $30.8m

Thursday 19th August 2021

Listed New Zealand produce company Seeka Limited, with operations in New Zealand and Australia, is pleased to report its unaudited interim results for the six months ended 30 June 2021.

- $30.8m net profit before tax - up 77% on six months to 30 June 2020 (previous corresponding period (pcp))

- $0.13 per share dividend payable 13 October 2021

"Seeka delivered outstanding customer service and excellent financial results to shareholders in the first six months of 2021," says Seeka chief executive Michael Franks.

"Strong demand for our services contributed to record Group revenues of $224m in the six-month period; up 26% on June 2020. Importantly, we've delivered on our strategy to improve earnings, posting $30.8m net profit before tax for the period, up 77% on the pcp.

"Seeka continues to invest in our kiwifruit business, acquiring Ōpōtiki Packing and Cool Storage Limited (OPAC) in May. OPAC is an eight-million-tray kiwifruit operation that expands our service delivery to the Ōpōtiki, East Cape and Gisborne regions. OPAC is now integrated, synergy savings on target, and the business is set to make a full-year financial contribution in 2022.

Dividend announcement

A dividend of $0.13 per share has been declared. The dividend is fully imputed and will be paid 13 October 2021 to all shareholders on the register at 5pm on 20 September 2021. The dividend reinvestment plan will apply.

Full year guidance

Further to the full year operational guidance of net profit before tax, Seeka expects a one-off extraordinary gain from the successful settlement of the kiwifruit claim against the Crown. The actual amount to be received by Seeka is unknown with the distribution subject to High Court approval, with the timing of payment expected to be received before the end of 2021. Seeka is estimating that its share of the distribution could lift the net profit before tax for the 2021 year to between $20.0m and $22.0m.

Seeka reminds stakeholders that it operates in a seasonal industry with substantial earnings occurring in the first six months as fruit is harvested in New Zealand and Australia.

The full text of the announcement is attached along with the unaudited six month financial statements to 30 June 2021

Please see the links below for details

30 June 2021 Half Year Result Announcement - 19 August 2021

30 June 2021 Six Month Financial Results

30 June 2021 - Results Announcement Table

30 June 2021 - Analyst Briefing Pack

Source: Seeka Limited

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