Lobster giant partially owned by Indigenous bands delivering higher sales and profits
A seafood giant that is half-owned by a coalition of East Coast First Nations is reporting a leap in annual sales, as 2022 revenues rose by $71.6 million compared to the year before.
George Paleologou, the chief executive of Premium Brands Holdings Inc., said during the company's fourth-quarter conference call on Thursday that Clearwater Seafood's annual earnings reached a "record-breaking" level of $130 million on $604 million in revenues in 2022.
Much of the gain for Nova Scotia-based Clearwater came in the last three months of the year, as the firm increased sales by $50 million compared to same period the year before, according to results released Thursday by Premium -- which is based in Vancouver.
Premium partnered with seven Mi'kmaq communities, led by the Membertou First Nation in Cape Breton and Miawpukek First Nation in Newfoundland and Labrador, to finalize the purchase of Clearwater in January 2021, for a total investment of $1 billion.
Membertou Chief Terry Paul has said the 50 per cent share purchased by the communities was the largest ever investment by Indigenous bands in the Canadian seafood industry.
Clearwater harvests a variety of seafood, including scallops, lobster, clams and crab in Canada, Argentina and the United Kingdom, with sales in 48 countries around the world.
Premium attributed its higher revenues to strong prices for Clearwater's catch and higher sales volumes, noting they might have been even higher except for higher fleet fuel costs and wages.
A spokeswoman for Membertou Development Corporation said the band is pleased with the results.
"We've had a very positive year with Clearwater Seafoods. We're proud of the financial results, and also, the shift the company has made in its 50 per cent Indigenous ownership model," Kelsea MacNeil said in an email.
She said the Mi'kmaq coalition's profits "will be used initially to service the debt on the acquisition of the company."
The Indigenous partners include Membertou, Sipekne'katik, We'koqma'q, Potlotek, Pictou Landing and Paqtnkek communities in Nova Scotia, and Miawpukek, formerly known as Conne River Reserve, in Newfoundland and Labrador.
This report by The Canadian Press was first published March 17, 2023.
CTVNews.ca Top Stories
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Are Canadians getting sick from expired food?
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.