Seeka has reported a strong financial performance for the first half of 2024, driven by increased kiwifruit volumes.
The produce company's unaudited interim results show a 34% rise in revenue to $284.2 million, an 88% increase in ebitda (earnings before interest, taxes, depreciation, and amortisation) to $68.4m, and a 230% surge in net profit before tax to $45m.
Seeka chief executive, Michael Franks, attributed the growth to the handling of 44% more kiwifruit in New Zealand, as well as the company's restructuring efforts and cost-saving measures.
As a result of the positive performance, Seeka has updated its forecast full-year net profit before tax to be between $17m and $21m, compared to a loss of $21m in the previous financial year.
The company's net bank debt also decreased to $171m.
Seeka's board has decided not to pay a dividend at this time.
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