Premier Fishing likely to net big profits and meet pre-listing earnings outlook
Recently listed Premier Fishing (PremFish) — a subsidiary of African Empowerment Equity Investments (AEEI) — looks set to land big profits for the year to end-August. Interim results released on Thursday showed earnings for the six months to end-February coming in 33% higher at R18m or about 13c per share. Due to seasonal factors, PremFish — a big player in the south coast and west coast lobster markets — traditionally earns more than two-thirds of its revenue and profit in the second half. AEEI CEO Khalid Abdulla said the encouraging interim showing suggested PremFish would meet its pre-listing earnings forecasts. The core lobster segment was the star performer, with sales of R86m yielding succulent pre-tax profits of R16m. PremFish CEO Samir Saban said the lobster division experienced increased landings due to good catch rates as well as a good size mix. The smaller squid division managed R5m of profit from revenue of R15m, while the abalone farming business produced profits of R4...
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