Premier Fishing: Finding new fish to fry
Premier Fishing’s abalone farming segment might just be the soon-to-be-listed group’s big catch
The prelisting circular for Premier Fishing — which will be spun out of Iqbal Survé’s African Empowerment Equity Investments (AEEI) and listed on the JSE in March — offers an informative breakdown of the operating segments and the potential for corporate activity. But it is the latest annual report for unlisted abalone farming enterprise Abagold that might provide more fundamental insight into the longer-term potential of PremFish than the official listing documentation. PremFish has mainly been regarded as a play on export-orientated lobster (both South Coast and West Coast species). The circular confirms that lobster still accounted for 46% of PremFish’s R405m turnover in the 2016 financial year. Margins are reassuringly good on the lobster segment, coming in at a succulent 24% in 2016. What’s also heartening is the growth since 2014 in the pelagic operations (from R56m to R94m with a 35% operating margin). No doubt these segments will be expanded, with rumours already circulating...
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