NZ King Salmon steams forward thanks to strong rise in foreign exports

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1417

The NZ farmer posted in their latest yearly results.

NZ King Salmon posted a full year EBITDA of NZD $26.1 million (EUR 15 million) ending 30 June 2018, a increase of 21% compared to last year.

The New Zealand company’s total revenue from all its sources rose from NZD $136.3 (EUR 78.1million) to NZD 160.3 (EUR 92 million), a 13% increase.

Revenue was boosted by a 27% increase in exports sales to the North American market, as well as a 43 percent rise in exports to China and South East Asia.

CEO Grant Rosewarne said: “Whilst the year was impacted by an extended summer period of higher water temperatures, our strong H1 performance coupled with product and pricing mix strategies helped us maintain the highest possible value. Our focus remains on our branded salmon products, with sales of Ōra King, our best-of-breed salmon brand for premium foodservice, up 26% on FY17 and 17% on PFI. This growth was possible due to an increase in average fish size, and supported with brand campaigns and increased sales resource. We also saw the launch of Ōra King TYEE – rare salmon weighing in excess of 30 lbs (13.6 kilograms) each and positioned as an ultra-premium sustainable sushi option.”

The average price (domestic) of its salmon increased by 7.5% when compared to last year, from EUR 10.7 to EUR 11.5 per kg.

FY18 New Zealand King Salmon saw fish harvest volumes at 8.018mt, a increase 7% on FY17 despite a challenging warm summer in NZ, which resulted in a significant rise in mortalities.

The company said that they anticipated 2019 harvesting volumes to be in line with FY18 at around 8.000mt due to reduced biomass at sea.