Seafarms Group (SFG ) H2 2024 earnings summary

Executive summary

• Loss after tax increased to $19.3 million for FY2024, up 26% year-over-year, reflecting continued investment in Project Sea Dragon and hatchery expansion.

• Queensland operations saw strong Banana prawn performance in H1, but Black Tiger prawn production was impacted by adverse climatic conditions.

• Export sales of Black Tiger prawns rose 75% in CY24, with France as a major buyer and growth in Spain and the UK; Asia remains a key market.

• Crystal Bay Prawns® brand achieved a 15% increase in domestic fresh BAN sales during July–December FY2024.

Financial highlights

• Revenue from ordinary activities was $25.5 million, down 2% from $26.0 million in FY2023.

• Net loss after tax was $19.3 million, compared to $15.4 million in the prior year.

• Basic and diluted EPS both declined to (0.40) cents from (0.32) cents year-over-year.

• No dividends were paid, recommended, or declared for the period.

Outlook and guidance

• Ongoing assessment and development of Project Sea Dragon, with positive progress reported.

• Strategic sale of Farms 1 and 2, expected to settle in April 2025, will release capital for further investment in Project Sea Dragon.