It has been a transformative year for the Sekunjalo Group's Premier Fishing, marked by numerous developments that are set to solidify its position as a prominent player in both the local and international markets.
Premier Fishing’s squid sector experienced a significant resurgence earlier this year. After enduring a period of low spawning rates and challenging climatic conditions, squid stocks made a remarkable recovery. This resurgence led to Premier Fishing's catch rates, both in terms of what was landed and sold, returning to their customary high levels. The success of the squid season has significantly contributed to the overall excellent performance of the Group to date.
Moreover, Premier Fishing took strategic steps to consolidate its presence in the South African squid market. In March, the company purchased additional shares in Talhado Fishing Enterprises (Talhado), thereby further solidifying its position. Premier Fishing initially acquired a 50.3% stake in Talhado in 2018, and this recent purchase increased its ownership to 80.65%.
Talhado, along with its associated companies, possesses a fleet of over 15 vessels and a cold room facility with the capacity to store up to 800 metric tons of squid. Exceptional catch rates extended beyond squid, encompassing other divisions, such as abalone and pelagic allocations. These factors contributed to Premier Fishing's remarkable financial performance in 2023. The year was further enhanced by improved export prices and a rebound in demand, which has steadily returned to pre-Covid levels.
Contributing to Premier's achievements in 2023 and setting the stage for a promising 2024, the company underwent a pivotal change in July, with the completion of its de-listing from the JSE via a Scheme of Arrangement.
CEO of Premier Fishing, Sooren Ramdenee, explained the decision to de-list, stating that it was not taken lightly. "We believe that for the company to truly grow and flourish, we needed to streamline operations and costs, which include the administrative expense burden and management of being a listed entity."
Returning to a private entity enables Premier Fishing to free up management's time to focus on crucial aspects such as strengthening existing offerings and markets, organic growth, and identifying suitable acquisitions to expand the organisation.
Expressing gratitude to Premier Fishing's employees and partners for their continuous support, Ramdenee emphasised that the move to becoming a private entity would facilitate the implementation of community upskilling and transformation projects. He acknowledged the importance of treating the communities in which the company operates as partners and showing them the respect, they deserve, just as they do with their dedicated teams.
In addition to these strategic moves, Premier's headquarters in Saldanha have also seen a transformation. The offices and factory have been given a fresh and modern look, and a revitalization of the surrounding grounds is currently underway. Ramdenee has tantalizingly hinted at more projects in the pipeline, demonstrating the company's unwavering commitment to a future-focused outlook on sustainability. Premier Fishing's journey is far from over.
BUSINESS REPORT