NZ King Salmon reports significant profit increase

Wed, 27 Mar 2024

Salmon company, NZ King Salmon, has reported a significant increase in net profit for the year ended Jan 31 2024.

The company's FY24 net profit reached $28.5 million, compared to just $1.9m in the previous year.

This improvement was attributed to a reduction in mortality expense and an increase in revenues.

FY24 pro-forma EBITDA also showed a positive result of $24.5m, in contrast to a loss of $2.7m in FY23.

Revenues for the year rose to $187m, a 12% increase from $167m in the previous year.

The company's chair, Mark Dewdney, acknowledged the progress but noted that there is still more work to be done.

NZ King Salmon's board has provided a pro-forma EBITDA guidance range of $26m to $32m for FY25.

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