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Sustainable seafood company Sanford’s net profit after tax (NPAT) jumped 12.9% after a record $9.9 million pre-tax insurance settlement of its Kaikoura earthquake damaged-Havelock mussel processing facility.
For the year ending September, Sanford reported an NPAT of $42.3 million. Its adjusted earnings before Interest and Tax (EBIT) increased 1.5% to $64.7million. Aside from the insurance settlement, its increase in NPAT was largely driven by non-trading items.
Other highlights for the firm included a 7.7% increase in sales revenue to $515.0 million. Its operating cash flow was at $72.6 million, up 44.3% from the previous reporting year.
Despite strong results, Sanford CEO Volker Kuntzsch noted the climate had a greater impact than previously experienced, with abnormally high water temperatures during the summer resulting in challenges across the aquaculture and fishing divisions.
Sanford’s Board declared a final dividend of 14 cents per share, unchanged from the previous year, payable on December 08, 2018.
