Sharechat Logo

New Zealand King Salmon Investments Limited (NZX: NZK) 1H22 Half Year Results Announcement

Thursday 30th September 2021

Text too small?

New Zealand King Salmon Investments Ltd reports its financial performance for the six months period ended 31 July 2021 (1H22). Key points include:

• Small fish size and compensating restrictions on harvest have negatively impacted our result

• The effects of Covid-19 disruptions have been largely overcome with the exception of freight availability and cost

• Revenue of $80.1m, up from $67.0m in 1H21, reflecting clearance of excess inventory and sales recovery ($4.2m clearance)

• Sales volume of 3,629 tonnes compared with 2,745 tonnes in 1H21 (470t clearance)

• Statutory NPAT of ($5.6m), compares with ($5.6m) in 1H21

• Pro Forma Operating EBITDA of $3.3m, compared with $7.1m in 1H21

• The main differences between Statutory and Proforma EBITDA profit measurement being ($13.5) FX close-out profits, $8.1m inventory fair value adjustment, and $0.98m FRS16 leases

Chairman John Ryder said: “Unfortunately it’s been a challenging six months, but we have now initiated our Prescient Aquaculture Model, built on decades of farming King salmon and the experience of our own in-house team. Since the beginning of our new financial year, we have returned to demand exceeding supply”.

“Our premium brands continue to show great strength in building customer relationships and supporting margin growth, focusing on diversification across categories and markets to build resilience.”

New Zealand King Salmon will update market guidance over the coming months. The company has not paid a dividend since the Covid pandemic started and this will remain under review.

Please see the links below for details

NZK 1H22 Results Media Release

NZK 1H22 Unaudited Financial Statements

NZK 1H22 NZX Results Announcement Notice

Source: New Zealand King Salmon Investments Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility
Tower Limited (NZX: TWR) Update on Tonga Volcanic Eruption and Tsunami Event
21st January 2022 Morning Report
Trade Window Holdings Limited (NZX: TWL) TradeWindow and Mastercard teams up
Genesis Energy Limited (NZX: GNE) FY22 Q2 Performance Report
Seeka Limited (NZX: SEK) Seeka announces dividend of 13 cents per share
20th January 2022 Morning Report
Z Energy Limited (NZX: ZEL) Q3FY33 Operating Data