Haikui Seafood AG — which recently listed on the Frankfurt Stock Exchange — on Thursday reported a 50.3 percent jump in revenues to EUR 39.9 million and a 52.1 percent leap in gross profit to EUR 9.5 million in the first quarter of 2012.
Also, the China-based company posted a 58.2 percent increase in the operating income (EBIT) to EUR 8.3 million in 2012 in the first three months of 2012.
Haikui Seafood attributed its results to higher sales for both frozen and canned seafood as well as higher sales of crab meat products.
“We’re pleased with the overall results of the first quarter of 2012. Haikui Seafood has continued to grow in terms of revenue, profit and cash generation despite the challenging business environment,” said Chen Zhenkui, the company’s CEO.
Looking ahead, the company remains optimistic about its growth potential due to the increasing purchasing power of the Chinese middle class and consumers’ rising health awareness. “Moreover, as lifestyles become more hectic, the demand for higher value, ready-to-eat convenience products such as processed seafood is expected to be much stronger compared to the demand for fresh seafood,” said the company.
To meet that demand, the company plans to double its processing capacity in the next three years by upgrading of its existing facilities and constructing a new plant on Dongshan Island. It also aims to capture greater market share in China by appointing experienced regional distributors in China to sell Haikui branded products and by opening six Haikui-branded specialty stores in major Chinese cities over the next three years, in an effort to strengthen brand awareness.
