Seeka profits up 63% as kiwifruit harvest booms

Seeka has seen an increase in profits and revenues thanks to a bumper kiwifruit harvest.
photo: Sika

A bumper harvest has helped turn around the fortunes of the country’s largest kiwifruit grower.

Seeka reported a net profit after tax of $17.1 million for the six months to June, up 63 per cent on the same period last year.

Revenue increased 34% to $284.2 million.

In February this year, the company reported Full-year loss of $14.5 million Exports will fall in fiscal 2023 due to lower kiwifruit production.

Chief executive Michael Franks said kiwifruit production had bounced back after two challenging seasons.

“In New Zealand, our orchard business increased production by 17 million trays, up 53 per cent on 2023, while production from our Australian kiwifruit orchards increased by 164 per cent.

“Seeka handled a record 43 million first-class trays for New Zealand growers, fruit quality was excellent and demand from international markets remained strong.”

Franks said that in addition to the big profits, the company’s restructuring last year also resulted in money-saving measures.

“Seeka’s operations have been streamlined and we are now focused on preparing for the 2025 harvest. The kiwifruit vines are loving the cool winter conditions we are currently experiencing and early signs are pointing to bud break in the spring.

Franks said the industry has a bright future and growers are continuing to invest in new SunGold and RubyRed orchard developments.

He said Seeka’s investment in post-harvest automation meant it was well prepared to handle the upcoming increase in production.

As a result of the good financial results, the company has raised its full-year pre-tax net profit forecast from $15 million to $19 million to $17 million to $21 million.