Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey
   


I&J steam fresh hake. (Photo: I&J)

Rand depreciation boosts I&J results

  (SOUTH AFRICA, 3/10/2016)

Fishing firm I&J, the fishing business belonging to AVI Limited, largely improved the group's results in the first half of 2016 financial year, aided by the weaker rand and lower fuel costs. 

The interim results of the first semester of current fiscal year (July-December 2015) show that this segment experienced improved catch rates compared to the second half of the previous financial year.

But even when capture rates improved in comparison with those from the six previous months, particularly in the case of freezer vessels, on average, they were lower than those from the first half last year.

However, as the two new vessels were commissioned during the semester, the increase in fishing capacity offset the pressure from lower catch rates.

In addition, this segment benefitted from the fact that out of the firm’s capital expenditure amounting to ZAR 559,7 million (USD 364.2 million) included ZAR 257,5 million (USD 167.5 million) for I&J´s new vessels, capacity and efficiency projects in the manufacturing operations, and new and refurbished stores in the retail businesses.

The lower fuel costs, a sound processing performance and lower unrealised losses on fuel hedges than at the end of December 2014, added to the benefit of the weaker rand, resulting in a material increase in operating profit in this segment.

I&J’s revenue increased by 1.9 per cent year on year in the analysed six-month period, from ZAR 980 million (USD 63.7 million) to ZAR 1 billion (USD 650.000 million) while operating profit increased from ZAR 98.1 million (USD 6.3 million) to ZAR 159.7 million (USD 10.3 million). The operating profit margin increased from 10 per cent to 16 per cent.

As to the forecast for the future, the group expects that in the second six-month period, I&J will continue benefitting from the impact of the weaker rand on export revenues, and should be able to catch more hake with its new vessels available.

As always, catch rates have a material impact on volumes and efficiency, and need to remain at acceptable levels for I&J to repeat its first half growth in operating profit.


editorial@seafood.media
www.seafood.media


Information of the company:
Address: I&J House, 1 Davidson Street, Woodstock
City: Cape Town
State/ZIP: Western Cape (7925)
Country: South Africa
Phone: +27 21 440 7800
E-Mail: talk2us@ij.co.za
Skype: https://www.instagram.com/iandjltd/
More about:


Location:


Approval / Accreditation / Certified / Oversight by...
MSC/Marine Stewardship Council  E.U.  USDA/USDC & FDA 



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Nomad Foods and BlueNalu Collaborate to Introduce Cell-Cultured Seafood in Europe
A Passion for Seafood
Sustainable Seafood of Exceptional Quality
The Excellency of the Tradition and Quality of Portuguese Canned Fish
Pescavore, Wildly Responsible Tuna Snacks
Young’s Seafood Teams Up with Annabel Karmel to Inspire the Next Generation to Love Fish
Maine Company Pushes Kelp into the Mainstream
Norcod and Havlandet Marin Yngel Start Construction of New Cod Fry Facility
Nofima Brings Together Leading European Organizations to Form The Millennial Salmon Project
Vital Choice Seafood Receives A 2020 MSC U.S. Ocean Champion Award
AquaManager Partners With Leading Tilapia Genetics Company Spring Genetics
Seafood that Keeps you Coming Back for More!
Delicious Fresh Fish Without Anything Extra
American Unagi Breaks Ground on Land-based Eel Farm in Maine
Fresh Seafood from the Fjords of Norway
CLO-CLO™ Vegan Foods Debuts New Plant-Based Shrimp Entrée Bowls
From the Most Pristine Waters in Australia
SeaPak Joins Forces with Ocean Conservancy’s Trash Free Seas Alliance® Just in Time for World Oceans Month
Hygienic Freezing System from Starfrost Boosts Seafood Production in Norway
Introducing True Fin: Premium Gulf of Maine Seafood
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
Eastern Kamchatka Pollock Fishery Received International Environmental Certification
Russia Fed. The Pollock Catchers Association (PCA) has successfully completed MSC certification of the trawl fishery for East Kamchatka pollock in the North Kuril area and the Petropavlovsko-Komandorskaya subarea...
A study shows notable differences in fishing catches recorded with electronic observation compared to manual methods
Spain Electronic observation systems on board fishing vessels (also known as Electronic Monitoring or EM) are the most accurate and reliable source of data for the development of selective fishing practices...
Auction prices for common squid (todarodes pacificus) frozen on board │OGI-HAKODATE markets
Japan   Source: FIS by seafood.media | Click to enlarge it        Source: FIS by seafood.media | Click to enlarge it    editorial@seafood.medi...
Growing demand for plant-based seafood analogues in North America
United States The distribution of plant-based seafood analogs in North America is growing, but the overall share of this category still represents a very small proportion of the total seafood market. Plant-based...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2021 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER