Seeka (SEK) H2 2024 earnings summary

Executive summary

• Achieved record profit, profit per share, and total volumes, enabling dividend resumption and significant debt reduction, with improved risk profile.

• Crop yields and volumes rebounded in 2024, with 43 million trays of class one fruit packed in New Zealand, up 44% year-over-year.

• Australian kiwifruit volume surged 166% due to a new crop protection program.

• Automation and operational efficiencies drove cost control and margin improvements.

• All business segments contributed positively, with strong operational and financial performance.

Financial highlights

• Revenue reached NZD 411.4 million, up 37% year-over-year.

• EBITDA hit a record NZD 76.1 million, up 193% from NZD 26 million last year.

• Net profit after tax was NZD 8.8 million, reversing a NZD 14.5 million loss in FY23, impacted by a one-off NZD 12.5 million deferred tax adjustment.

• Gross profit rose 115% to NZD 104.9 million; EBIT improved to NZD 46.8 million from a NZD 4.1 million loss.

• EPS at NZD 0.21 (or NZD 0.51 adjusted for deferred tax); 15 cents in dividends declared or paid.

Outlook and guidance

• Indicative kiwifruit volumes for New Zealand and Australia expected to be consistent or better than last year.

• Early signs of recovery in previously water-stressed regions; grower sign-ups strong at 85% before Christmas.

• Pricing expected to remain strong, with no signs of weakness from key buyers.

• Australian crop outlook is strong, with infrastructure and labour in place for further growth.

• Focus remains on profitability, debt reduction, and operational excellence.