Premier Fishing and Brands (PremFish), which owns operations in export-orientated sectors such as south coast lobster and abalone farming, has beaten its prelisting profit forecast in the year to end-August. Results released on Tuesday showed profit before tax at almost R95m, compared with a prelisting forecast of R91m. PremFish posted headline earnings per share of 34.6c versus the 33c pencilled in when the company listed in March. It also paid a 15c per share dividend, covered just over two times by earnings. Vunani Securities analyst Anthony Clark said PremFish performed admirably in a "very tough" operating environment. A divisional review showed that Premier’s mainstay lobster division generated R191m in revenue, with operating profits coming in at R52m. PremFish CEO Samir Saban noted good catches with lower production costs and efficiencies resulting in higher margins that offset the stronger rand. The pelagic division netted revenues of R81m and operating profit of R24m. Pela...
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