Zespri SunGold Kiwifruit Photo: Zespri / supplied
Seeka says kiwifruit crop yields have rebounded in 2024, helping drive record revenue for the grower and post-harvest operator.
Seeka, Australasia's largest kiwifruit producer, said stable growing conditions last year increased fruit volumes which drove revenue to a record $411 million, following a few tough years for growers.
It reported a net profit after tax of $8.8m, up from the $14.5m loss in the 2023 financial year due to lower kiwifruit volumes.
Chief executive Michael Franks said 2024 was a good year across its mostly kiwifruit and avocado orchards, as well as at its post-harvest operations.
Yields lifted to 43-million class 1 trays in 2024, up 44 percent on 2023's volumes.
"Seeka delivered results closer to its potential in 2024, with a 10 percent return on capital employed through tight cost control and innovation driving efficiencies," Franks said.
"As a result, Seeka enters 2025 in a much stronger position."
He said having paid down $35m off its debt helped among other things put the company "much further into safe harbour with a pretty pleasing result".
He said growing conditions varied but mood had increased generally for growers, following challenging years of recent wet seasons, high labour costs and the recovery from Cyclone Gabrielle.
"We had a nice growing season, there was still a bit of pressure in the regions though," he said.
"So the previous year we had a lot of rain in Northland, Coromandel in the Gisborne region and down to Hawke's Bay.
"Those vines have taken a couple of years to recover. That kind of water pressure in kiwifruit affects the roots, so that has taken a little while to work its way through the system."
He said while it hadn't lost any growers through the year, the industry's smaller players felt market pains the hardest.
"Generally growers are pretty happy, particularly if you're growing the gold variety. But I think some hayward growers are still struggling, if they had a small size profile.
"I think that's been a bit tougher for growers like that. But generally the mood of the growers is pretty positive."
Seeka's 2025 harvest started this week at the Briant Brothers Orchard in Gisborne, followed next in Bay of Plenty's Mangatawa Pāpāmoa blocks.
Franks said so far growing conditions were good for the 2025 season, and indicative volumes would be consistent or better than 2024 - as long as the weather remained "fair" in the harvest months to June.
