Seeka is proud to present its financial results that have been audited for the fiscal year that ended December 2024. The company has returned to profitability, with an all-time high $29.7 million in profit before taxes and is within of the $27.5 millions up to $31.5 million range, which was announced by the markets.

“Seeka’s 2019 revenue of $411 million was an increase of 37% from the previous year’s $301 million. The increase of $110 million in sales was attributed to greater volumes of work handled in New Zealand and Australia,” Says Seeka Chief Executive Michael Franks. “Better growth conditions boosted yields, with The Seeka’s New Zealand post-harvest operations handling 43 million class 1 kiwifruit trays that is an increase of 44% from 2023. Seeka was also able to achieve growth of 166% in the output from the Australian Kiwifruit Orchards. They sold 2.3 million kilos of grown in Australia kiwifruit.Seeka’s goal is to increase its financial performance, decrease debt, and boost its balance sheet ratios, while providing top quality and exceptional services to its growers as well as clients.

Profit before tax increased 242percent to $29 million. This is an increase of $51 million from an loss of $21 million prior to tax in 2023.

“Profit after tax after tax was $8.8 million, compared with an $14.5 million loss following taxes in 2023. In 2024, the financials for Seeka also include an $12.5 million non-cash one-time tax deferral because of the removal by the government of the tax deduction for depreciation of structures. Earnings per share, which excludes tax deferral were 51 cents in comparison to 2023’s loss of 35 cents per share.

“Record profits before taxes were made during a time period with rising interest rates and high debt levels. Seeka will benefit of lower interest rates, as well as reducing the amount of debt it owed by 35 million by 2024. The company’s financial health has improved as well as its compliance with the long-term banking covenants has allowed the Board to resume dividends which will be 10 cents per share dividend to shareholders on January 20, 2025. The Board is also announcing a five cents dividend per share, to be paid on April 15. The dividend reinvestment program is set to be in effect at 2% discount on the price of strike. The plan will result in dividends in the amount of 15 cents per share beginning in 2024.

Financial year.

“Seeka has invested in specific areas to increase capacity of our post-harvest facilities. These include improvements in automation that enable us to package more fruits while requiring significantly less labor. The capacity was not overloaded in 2024. Although it’s still not yet time to make a accurate prediction of the 2025 crop the growing conditions have been excellent and suggestive of production levels have been consistently or higher.

more than 2024.

“Seeka produced results close to what it could have by 2024. The company earned 10% ROI on its capital investment thanks to strict control of costs and innovative processes driving efficiency. In the end, Seeka will enter 2025 in a significantly better place. Seeka will present the shareholders with an update at our annual Shareholder meeting on the 16th of April,” says Franks.

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Michael Franks

Seeka

Tel: + 64 21 356 516

[email protected]