Seeka returns to profitability after horror 2023
Kiwifruit and fresh produce handler Seeka will be bouncing back strongly from a big financial loss in 2023.
The listed company’s 2025 profit after tax of $32 million compares to 2024's reported profit of $8.8 million and 2024's normalised profit of $21.2m, after the change in tax deductibility of depreciation on buildings.
The profit after tax equates to $0.76 earnings/share compared to 2024's reported $0.21/share (normalised $0.51 per share).
The company says its strategy and operational performance has lifted earnings in each business unit while delivering excellent service and returns to growers and high-quality fruit to the markets.
The company benefited from an excellent kiwifruit growing season in New Zealand which delivered a record 47.1m trays. Fruit quality delivered from growers and Seeka’s orcharding operations was excellent, enabling efficiencies. The fruit was well handled with the resulting quality delivered to the market comparatively excellent.
SeekaFresh and Seeka Australia benefited from stronger volumes and new category sales lifting earnings in both.
The company’s New Zealand product lines include kiwifruit, Kiwiberries and Hass avocados, with the new GEM avocado variety currently in development. From Australian orchards, they are the country’s largest producer of Hayward kiwifruit and Nashi pears and also produce a range of European pears and plums.
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Seeka has continued to focus on its core business, driving efficiencies and controlling costs through innovation and automation which has helped lift EBITDA by 26% to $95.9m.
Total debt of $100.3m is down $37.0m from December 2024 and compares to $172.4m at the same time in 2023. Shareholders will receive a dividend of 25c/share to be paid on 15 April.
Seeka chief executive, Michael Franks, says the company is pleased with the results.
“From a focused strategy, and the efforts of many, we achieved record profitability and financial resilience was rebuilt into the balance sheet.
"While it is too early to reliably indicate 2026, the company enters the year in great shape and ready for the year ahead”, says Franks.
