{"id":1906,"date":"2020-12-22T02:06:00","date_gmt":"2020-12-22T02:06:00","guid":{"rendered":"https:\/\/hihotest2.co.nz\/sealord\/?p=1906"},"modified":"2025-04-22T20:00:28","modified_gmt":"2025-04-22T20:00:28","slug":"sealord-2020-profit-nz","status":"publish","type":"post","link":"https:\/\/hihotest2.co.nz\/sealord\/2020\/12\/22\/sealord-2020-profit-nz\/","title":{"rendered":"Sealord Announces Successful Year"},"content":{"rendered":"
\"Sealord\u2019s<\/figure><\/div>\n\n

Press release<\/strong><\/p>\n\n

He waka eke noa<\/strong><\/p>\n\n

A waka we are all in with no exception<\/em><\/strong><\/p>\n\n

Sealord Group Ltd has reported a net profit after tax (NPAT) of NZD $29.3 million for its financial year ended September 30, 2020. This includes a one-off adjustment of $4.7 million as a result of the Petuna Aquaculture acquisition. Excluding this one-off adjustment, NPAT would have been NZD $34 million, 6% higher than the 2019 result.<\/p>\n\n

The company successfully achieved its Plan for the year despite facing challenges due to COVID-19. Reported revenue increased 11% from the previous year to NZD $399 million.<\/p><\/div><\/div>

Sealord Group CEO Doug Paulin said the group had an excellent start to the year and then successfully dealt with the early challenges of COVID-19 in various markets, with most of the major export shipping and market consumption downsides contained to the final quarter.<\/p>

He said the result is attributed to the strong performance of the company\u2019s fishing, aquaculture and land-based processing operations, high sales of frozen and canned fish as more people ate at home, as well as positive pricing in the first half of the year.<\/p>

In February, Sealord purchased the remaining 50% of Tasmanian salmon producer Petuna Aquaculture, which also had a strong result on the back of excellent operational performance, despite pricing impacts of COVID-19.<\/p>

It is noted that one-off acquisition costs, including Australian landholder duties, transaction costs and deferred tax liabilities required to be recognised under acquisition accounting rules means that the acquisition did not increase overall NPAT for Sealord in this financial year, however it will do in future years.<\/p>

Nga Tapuwae o Maui, the arrangement announced in March 2019 between Sealord and iwi (allowing Sealord access to ACE on a long-term basis, with greater returns to iwi), enables Sealord to work with a more consistent catch plan. Paulin said continued support from iwi throughNga Tapuwae o Mauiwas another factor in the company\u2019s successful year.<\/p>

\u201cGiven the impact of COVID-19, we\u2019re very pleased with our overall result. We nimbly responded to the various challenges that came our way during the pandemic with increased collaboration across the business. Providing a safe working environment to ensure our people were comfortable continuing to work in our factories and on our vessels was essential,\u201d he says.<\/p>

\u201cThanks to our strong position, there was no requirement for the wage subsidy from the New Zealand Government and there were no job losses. We were also in the fortunate position to be able to increase our community and iwi contributions during FY20.\u201d<\/p>

Sealord Chairman Whaimutu Dewes said: \u201cTena koutou i nga ahuatanga o te wa, i nga mate huhua kua heke i te ara a Tahekeroa, nara ki a tatau te hunga ora kua mahue morehu nei.<\/p>

\u201cI tenei tau kau hipa i whakatinanahia ai e Sealord te korero – Kia eke Panuku, Kia eke Tangaroa.<\/p>

\u201cThis year, as you can see, Sealord has embodied the M\u0101ori proverb \u2018Kia eke Panuku, Kia eke Tangaroa\u2019 \u2013 we have realised inspiration from Tangaroa to attain success, excellence and progress. Our thanks to our staff, shareholders, customers and partners for their work and their support.\u201d<\/p>

Paulin said he expects FY21 to be tougher, as the impacts of COVID-19 are fully felt across the company. \u201cLike other fishing companies and export businesses, we face challenges in delivering our products to offshore markets, and reduced consumption opportunities for many of our consumers with restaurant and food service outlets impacted by lockdown restrictions.\u201d<\/p>

<\/p>","protected":false},"excerpt":{"rendered":"

Press release He waka eke noa A waka we are all in with no exception Sealord Group Ltd has reported a net profit after tax (NPAT) of NZD $29.3 million for its financial year ended September 30, 2020. This includes a one-off adjustment of $4.7 million as a result of the Petuna Aquaculture acquisition. Excluding […]<\/p>\n","protected":false},"author":1,"featured_media":1907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/posts\/1906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/comments?post=1906"}],"version-history":[{"count":2,"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/posts\/1906\/revisions"}],"predecessor-version":[{"id":2966,"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/posts\/1906\/revisions\/2966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/media\/1907"}],"wp:attachment":[{"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/media?parent=1906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/categories?post=1906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hihotest2.co.nz\/sealord\/wp-json\/wp\/v2\/tags?post=1906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}