MAKING SPACE: Fishing boats in Gansbaai harbour. Small-scale fishers have historically been crowded out and marginalised by the process used to allocate fishing rights. Picture: SUNDAY TIMES
MAKING SPACE: Fishing boats in Gansbaai harbour. Small-scale fishers have historically been crowded out and marginalised by the process used to allocate fishing rights. Picture: SUNDAY TIMES

Premier Fishing and Brands’ share price dropped more than 7% on Tuesday, despite the company declaring a maiden dividend of 15c for the year to end-August.

The company, which is controlled by black economic empowerment group African Equity Empowerment Investments (AEEI), listed on the JSE in March.

It said in its maiden results on Tuesday that profit after tax increased 31% to R52m during the period. Revenue increased 2%, offset by an industry wide decline in the catch of pelagic fish, and a stronger rand.

Group revenue increased to R411m from R402m in the prior year. During the year under review, the number of shares in issue increased by 117-million, and due to this issue of new shares, the earnings per share (EPS) and headline earnings (HEPS) per share decreased 7% and 6% respectively, the company said.

Basic and diluted EPS decreased to 33.77c, and that of HEPS to 34.59c.

Operational efficiencies offset some of the negative effects of a stronger rand, while the successful listing and R526.5m in capital raised placed the group in a position to pursue an acquisitive growth strategy and organic growth, the company said.

At 11.27am, Premier’s share price was down 7.23% to R3.85. The company’s share price had dropped 28.9% since its listing.

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