Sikka results hit by falling kiwifruit yield – Simfruit

The publicly traded New Zealand company expects revenue, EBITDA and net profit to fall significantly year-on-year, with annual losses of NZ$20-25 million.

The company reported revenue of NZ$212.7 million, down 14% from the corresponding six months to June 2022. EBITDA was NZ$36.4 million, down 26% from the previous six months. Net profit for the same period was $13.6 million. , down 55% from the same period.

“Sega’s financial results were impacted by a large drop in kiwifruit production in 2023,” said CEO Michael Franks. “The warm winter of 2022, followed by a wet summer, cyclones Hale and Gabriel and autumn hailstorms have had a major impact on the New Zealand horticultural sector. Growers and fruit handlers across all sectors are facing a major drop in yields, affecting revenue and profitability.

“Despite the small harvest, Seika has achieved excellent operating results. Seika continues to be passionate about quality and we have provided excellent harvest service to our supplier growers and quality kiwifruit to markets. International sales are strong and we expect a significant increase in plate yields for Seika growers and orchard operations.

Seeka, a New Zealand publicly traded product company, said its revenue, EBITDA and net profit fell significantly from the previous year, and expects annual losses of €1.5 million.

“After investing heavily in automation, Seika now has the capacity to handle 50 million kiwifruit with facilities in the Northland, Coromandel, Bay of Plenty and Gisborne regions. Our highly automated post-harvest systems have brought greater efficiency to Cheika and our distributing farmers, and provide the packaging capacity needed to effectively manage the harvest process,” says Franks.

He added: “We have built a lean business and are now focused on production for 2024. The kiwifruit vines, the cold winter conditions we are currently experiencing and the transition to an El Niño weather pattern are ideal for a recovery in yields in 2024.” The New Zealand kiwifruit industry has a vibrant outlook. Contains, growers continue to invest in new SunGold and RubyRed orchard improvements. With our investments in post-harvest automation, Sikka is well prepared to handle the upcoming surge in domestic kiwifruit production as we work to deliver premium quality New Zealand kiwifruit to the world.

“The board of directors has determined that no dividend will be paid, while net profit before taxes for the full year is expected to be a loss of between $20 and $25 million,” he said.

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