Seeka (SEK) H2 2024 earnings summary

Executive summary

• Achieved record profit and profit per share, with net profit after tax of $8.8 million, reversing a $14.5 million loss in FY23, enabling dividend resumption and significant debt reduction.

• 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 and orchard developments.

• Automation and operational efficiencies drove cost control, margin improvements, and strong segment contributions.

Financial highlights

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

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

• Profit before tax was $29.7 million, compared to a loss of $21 million last year.

• Net profit after tax was $8.8 million, impacted by a one-off $12.5 million deferred tax adjustment.

• EPS at $0.21 (or $0.51 adjusted for deferred tax); total dividend for FY24 is $0.15 per share, fully imputed.

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.

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

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