Great hakespectations

Hake Source: Google Images

Cape Town’s big hake fishing companies look set for large profit landings after encouraging catches in the first half of this year.

In a trading statement released last month Sea Harvest – which recently acquired Viking Fishing – predicted that in the six months to end June it would generate earnings that were between 48% and 59% better than the corresponding period in 2018.

That means Sea Harvest – which readers might also remember has branched into the diary business via the acquisition of Ladismith cheese – should post interim profits of between R165 million and R177 million.

Consumer brands conglomerate AVI also reported last month that its fishing subsidiary Irvin & Johnson (I&J) – which dominates the local frozen hake segment along with Sea Harvest – would show an improved result for the year to end June.

This is encouraging since AVI reported that in the six months to end June I&J had seem a 2% decline in turnover to R1.17 billion and a 18% drop in profits to R146 million.