Sea Harvest, the recently listed fishing enterprise controlled by Brimstone Investment Corporation, netted a sizeable profit haul in the year to end-December. Results released on Tuesday showed Sea Harvest managed to more than double profit after tax to R276m despite a more pedestrian 10% gain in revenue to R2.13bn. A dividend of 31c per share was declared. The market warmed to the result, with Sea Harvest’s share price gaining as much as 7.82% to reach an intraday high of R12.40. The share price closed 6.96% higher at R12.30. The R1.2bn in proceeds raised in Sea Harvest’s listing in April 2017 helped boost profits while interest expenses almost halved to R39m. A portion of the fresh capital raised at listing was mobilised to repay preference share capital (including accrued dividends), third-party debt and shareholder loans. It is clear that Sea Harvest executives are running a tight ship, with the gross profit and operating profit margins fattening to 33.6% (2016: 31.3%) and 15.6%...
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