South African businessman Fred Robertson's Sea Harvest posts $251 million half-year revenue

Sea Harvest Group, the diversified South African fishing and food company chaired by businessman Fred Robertson, reported strong results for the first half of 2025, with net profit climbing 70 percent to $17.9 million. Revenue rose almost 34 percent to $251 million in the six months to June, lifted by higher hake catch volumes and firmer pricing.

Profit surge on stronger hake business

The company’s results disclosed today showed operating profit more than doubling to R633 million ($36 million), with margins widening to 14 percent from 9 percent. Headline earnings also grew sharply, more than doubling to R318 million ($18.09 million), while basic headline earnings per share rose 91 percent to R0.95 ($0.054). 

The group reported a 70.52 percent rise in net profit to R315.04 million ($17.93 million) for the first half of 2025, up from R184.76 million ($10.52 million) a year earlier. Revenue also jumped 33.89 percent to R4.42 billion ($251.38 million), up from R3.3 million ($187.68 million).

Sea Harvest’s hake division was the clear driver of growth. Catch volumes increased 15 percent while sales prices climbed 10 percent, pushing revenue from the segment up 19 percent to R2.1 billion ($119.43 million). Operating profit from hake nearly doubled to R429 million ($24.4 million), lifting margins to 21 percent. The group also booked R58 million ($3.3 million) in gains from foreign exchange and fuel hedging.

Mixed performance across divisions

Other divisions delivered a mixed picture. Revenue in the pelagic unit more than doubled to R879 million ($50 million) after the full consolidation of Sea Harvest Pelagic, though lower fishmeal and fish oil prices weighed on profitability.  The dairy business under Cape Harvest Foods grew revenue 24 percent to R975 million ($52 million), supported by stronger milk flows and efficiency gains at Ladismith, with operating profit up 73 percent.

Aquaculture continued to face pressure from weak demand in Hong Kong and China, where prices fell 26 percent. Despite revenue gains from the integration of Aqunion, the segment reported a loss of $2.2 million. In Australia, revenue grew 7 percent to R455 million ($25.88 million), with cost improvements reducing losses, though management expects most profits to come in the second half.

Assets reach $578 million

Headquartered in Cape Town, Sea Harvest is among South Africa’s largest seafood and food companies, with operations spanning fishing, aquaculture, dairy, and processing. Founded in 1964, the company runs a vertically integrated model covering hake, horse mackerel, pelagic fish, and branded dairy products.

Growth over the years has been supported by acquisitions and fleet investments, though these have added to its debt. By June 30, 2025, total assets had edged up slightly to R10.16 billion ($578.01 million), while retained earnings rose almost 19 percent to R1.97 billion ($111.95 million), reflecting steady operational performance.

Fred Robertson’s Brimstone holds nearly half of Sea Harvest

Sea Harvest’s strong backing comes from Brimstone Investment Corporation, co-founded in 1995 by the group’s chairman Robertson along with Mustaq Brey and Lawrie Brozin. Through its subsidiary Newshelf 1063, Brimstone holds a 44.46 percent stake in Sea Harvest, valued at R1.3 billion ($73.9 million). This gives the company with a solid institutional anchor, even as its results remain closely tied to fishing quotas, demand from Asia, fuel costs, and currency swings.