Fishing vessel of SAPMER Group's fleet.

SAPMER saw its profit grow 93pct in H1

SAPMER obtained a net profit of EUR 10.6 million in the first half of this year compared with EUR 5.5 million in the same period of 2016, which means a growth of 93 per cent.

"The results of tuna, fishing and processing activities are well targeted and the activities of lobster and black hake despite the additional costs of this semester, which also contribute positively to the company's profits," reported the company.

Piriou shipyard delivered its eighth tuna vessel to Sapmer in 2015. Built by Piriou in Vietnam, "Morn Seselwa" is a modern tuna freezer tuna freezer of 80 m length and 1,520 m3 of hold capacity.

According to the group, one of the most important events of the semester is the entry into force of the quotas for albacore in the Indian Ocean in 2017. This new framework makes it possible, as for lobster and Patagonian toothfish fisheries, promote best practices for more sustainable management.

Since the end of December 2016 SAPMER has incorporated four tuna vessels, which were previously managed by another company in the group, which contributed to the strong increase in sales to EUR 88.4 million (compared to EUR 63.8 million in the first half of 2016).

Fishing activities, including the southern fisheries and sales of raw tuna, accounted for 89 per cent of total turnover:

• Most of the lobster sales in fiscal year 2017 were in the first half of the year, reaching EUR 6.6 million (5 per cent more than in the same period of 2016).
• Although prices declined slightly compared to the second half of 2016 and the euro / dollar exchange rates were less favorable, sales of Patagonian toothfish remained stable at EUR 29 million, compared to the first six months of last year (- 1 per cent).
• The increase in the volume of raw tuna is mainly due to the entry of the four tuna vessels into the company's fleet. Prices are also well-targeted, mainly because of the effect of quotas for yellowfin in the Indian Ocean. Gross tuna sales amounted to EUR 42.7 million (EUR 23 million on a comparable basis).

The increase in processing revenues to EUR 9.8 million (compared to EUR 5.9 million in the same half of 2016) was also due to the expansion of the tuna fleet, and to higher prices and better yields of production, thanks to continuous improvement in the selection of raw material and the quality of its premium products, SAPMER said in its semi-annual report.

Operating income (EBIT) was EUR 15.8 million (EUR 6.8 million in the first half of 2016) and EBITDA increased by 17.5 per cent year-on-year to EUR 18.1 million

The decline in financial income compared to the first half of 2016 - which benefitted from favourable euro/dollar coverage - was mainly due to currency losses caused by the rapid weakening of the dollar during the first half.
 

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Address:	Darse de Peche 4 rue Charles Dickens
City:	Le Port
State/ZIP:	(97420)
Country:	Réunion
Phone:	+262 2 62 42 02 73
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E-Mail:	sapmer@sapmer.fr
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