Sea Harvest Group Ltd (SHG) Results Snapshot FY22

Diluted HEPS of 102 cps (FY21: 155 cps).
In spite of considerable volume losses and a lower TAC, Revenue is up by +27.3% y-y (FY21: 5.5%).
GPM substantially decreased -800 bps to 22.8% (FY21: 30.8%).
Operating margin down by -700bps to 8.0% (FY21: 15.0%).
Supply chain disruptions and increases in freight rates, however impacted demand. Expense to sales down -210bps to 19.0% (FY21: 21.1%) due to higher revenue growth.
Total dividend down -32.1% y-y to 38 cps (FY21: 56 cps).
All operating segments showed positive revenue growth, but Aquaculture profitability remains negative.