Acquisitions boost Sea Harvest’s full-year earnings

Sea Harvest, a leading fishing and food company, has reported a significant 48% increase in headline earnings for the year, attributing the success to strategic acquisitions. The company's CEO, Felix Ratheb, joined CNBC Africa to discuss the impact of acquisitions, particularly the addition of Viking Fishing and Ladismith Cheese, on Sea Harvest's financial performance. Ratheb highlighted the synergies achieved by combining the two businesses, leading to improved GP and operating margins in the fishing sector. The company benefitted from favorable market conditions, increased catch quotas, and strong demand for its products in various regions. However, Sea Harvest faced challenges in its aquaculture and Australian operations due to geopolitical issues and the ongoing coronavirus pandemic. Ratheb acknowledged the impact on the company's balance sheet, citing a 30 million round loss in the aquaculture division. Despite these challenges, Sea Harvest remains optimistic about its future performance, with a well-diversified portfolio and positive market trends supporting its growth prospects. The company's resilience in the face of global disruptions demonstrates its ability to navigate uncertainty and capitalize on opportunities in the food industry.