Squid division now Premier’s star performer
The acquisition of Talhado is good news as it provides fishing rights and processing facilities in a profitable sector
Premier Fishing and Brands, which was listed on the JSE early in 2017, looks set to score from robust conditions in the squid sector. Premier’s squid division was the star performer in interim results to end-February released on Thursday, with revenue up strongly at R30.6m from R18m and operating profits surging to R8.3m from R4.6m in the previous period. Premier CEO Sabir Saban said the squid industry experienced exceptional catch rates, with the landed and sales volumes for Premier’s division more than doubling. He said the market for South African squid remained stable despite the significant increase in landed volumes and the euro sales prices achieved The robust squid sector is good news for Premier, which this week finalised the acquisition of a controlling stake in Port Elizabeth-based squid enterprise Talhado. Premier disclosed that Talhado’s revenue for the three months from the start of September 2017 to the end of November was R47m and net profit R17m. Talhado’s revenue f...
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