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Irvin & Johnson (I&J), a seafood company based in Cape Town, South Africa, faced significant challenges in the latter half of 2023, including decreased fish sales, escalating fuel prices, and heightened competition in the global seafood market, all contributing to a period of underperformance.
In its FY 2023 results, the company highlighted the detrimental impact of fuel costs, particularly due to its extensive involvement in fleet management activities. Despite efforts to enhance the fuel efficiency of its fishing fleet between 2022 and 2023, including modernizing fishing gear and sensors, enforcing speed limits, and increasing fuel monitoring, I&J still grappled with substantial fuel expenses during the period.
Moreover, the company cited inefficiencies at South African ports, notably in Cape Town, such as congested roads, lengthy truck queues, and prolonged shipping times, as further challenges contributing to its poor performance in 2023.
Owned 75 percent by Johannesburg-based consumer products company AVI Ltd., I&J reported a significant 17.1 percent decline in fish sales volume for the six months ending on December 31, 2023. Although the company saw a slight increase in revenue year over year during this period, these gains were overshadowed by the aforementioned challenges.
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