Sanford is the oldest listed public company on the New Zealand Stock Exchange. Photo: Supplied / Sanford
Seafood giant Sanford has reported a net profit after tax of $55.8 million, an increase of nearly $40m on last year.
The profits included the sale of the company's crayfish quota in April.
Sanford's wildcatch division has reported an increased revenue of 8.8 percent on last year, while profits in the salmon division grew by just over 20 percent.
However, chief executive Peter Reidie said the mussel business was struggling.
"For the last two years in a row, we haven't made any money out of mussels," he said.
"The first year, that was around market price, so mussels are sold in food service restaurants throughout the world, those restaurants were closed so the price collapsed.
"This last 12 months, it's been more about the supply chain side. So getting the product out of the water and getting it processed and off to market has been very challenging in the context of Covid lockdowns, sick employees and labour."
Reidie said there was still huge potential for growth in the mussel business, both in volume and value.
"We have a cost of product problem and a distribution and supply chain problem and those are things that are within our control."
He said that gave him grounds for optimism.
"We've gone significantly better this year than we have last year, and that's a trajectory we want to keep working on and improving and I think, should that be the case, you'll find that Sanford remains a very sound business.
"It's the oldest listed public company on the New Zealand Stock Exchange; we're proud of that history and we want to make sure that we're on it longer than anyone else, and should we do what we plan to do, that will be the case."
Reidie said he was pleased with the company's overall financial results, considering the challenges of the last year and expects profits to grow.
Shareholders will receive a 10 cents dividend.
