Seeka profts and revenue were up due to a bumper kiwifruit crop. Photo: Seeka
A bumper crop has helped the country's largest kiwifruit grower turn its fortunes around.
Seeka has reported a net profit after tax of $17.1 million for the six months June, a 63 percent increase on the same period last year.
Revenue is up 34 percent to $284.2m.
In February the company reported a full year loss of $14.5m for the 2023 financial year due to lower kiwifruit volumes.
Chief executive Michael Franks said following two challenging seasons, kiwifruit volumes have rebounded.
"In New Zealand, our orcharding business grew 17 million trays, a 53 percent increase on 2023, and production from our Australian kiwifruit orchards was up 164 percent.
"Seeka handled a record 43 million class one trays for New Zealand growers, fruit quality is excellent, and international market demand remains strong."
Franks said alongside the bumper crop a restructure of the company last year resulted in savings.
"Seeka has created a leaner business and we are now focused on preparing for the 2025 harvest. Kiwifruit vines like the cold winter conditions we are currently having, and early indicators are for a good spring bud break.
Franks said the industry had a vibrant outlook, and growers were continuing to invest in new SunGold and RubyRed orchard developments.
Seeka's investments in post-harvest automation meant it was well prepared to handle the upcoming lift in production, he said.
Due to the positive financial result the company has increased its full-year net profit before tax forecast from $15m-$19m to $17m-$21m.
