30 April 2018
Ocean Grown Abalone continues to grow
Ocean Grown Abalone Limited (ASX: OGA) is pleased to provide the following company update:
On Monday 30th April, OGA released its quarterly update for the period ending 31st March 2018. Key highlights included production, sales and operation growth as well as an increase in OGA’s product diversification, to meet the huge demand for the highly revered, abalone product across Asia.
OGA abalone sales were up 231% with 30.8 tonnes of abalone harvested in Q3FY18 from 9.4 tonnes same time last year. Sales were mostly to Asian markets, with sales to the Australian market representing 6% of the total sales revenue.
“OGA remains focused on increasing sales in Q4FY18, primarily to the Asian markets but also to the Australian markets and beyond,” said Brad Adams, OGA Managing Director.
“Whilst the bulk of the sales are individually quick frozen abalone, there has been a growing interest in whole in shell products, vacuum packs and gift packs which include a polished abalone shell. These new product lines are currently being showcased to the Asian markets,” he said.
In February, in time for Chinese New Year, (the most popular time of year for abalone consumption), OGA released their Two Oceans Abalone retail ready packs to supermarkets across China. Last week, OGA attended the Food & Hotel Asia 2018, Asia's most comprehensive international food and hospitality trade event in Singapore. OGA’s new gift packs with the polished shell, and retail ready supermarket packs were showcased in partnership with one of Singapore’s largest frozen seafood importers, The Seafood Company.
Prompted by a recent visit from one of Japan’s largest seafood importers, Kyokuyo Co. Ltd, OGA will continue to develop value adding product lines. For example, exporting a whole frozen in shell product to Japan and utilising by products from the abalone processing, with the gut being used in food stock and soups, and shells used for medicinal purposes as well as gifts.
As consumers, the world over, look for a clean, green and sustainably produced product, OGA abalone continues to grow to meet this increase in demand.
February 27, 2018
Ocean Grown serves up higher revenue but wider costs amid expansion
Ocean Grown sold 24.3 tonnes of its abalone in just the past six months.
That’s 161 per cent more than the same period last year, leading to a 222 per cent in sales revenue to $1.34 million. Total revenue was $1.5 million.
Losses for the half widened to $1.6 million compared to a loss of $1.2 million in the same period last year.
Ocean Grown (ASX:OGA), which recently joined the local bourse, reported increases across the board in harvests and biomass.
14 March 2018
OGA Investor Presentation
OGA embarks on a roadshow this week and next. Below is a link to the Investor Presentation which reports a business update.
27 February 2018
Our latest figures report a 222% growth in sales revenue
On 27th February 2018, OGA released its December 2017 Half Year Financial results, with key highlights including a 222% growth in sales revenue.
Other highlights include:
- Sales revenue increase from $0.42 million in H1FY17 up to A$1.34 million for H1FY18
- Sales tonnage - up 161% to 24.3 tonnes in H1FY18 compared to 9.3 tonnes in H1FY17
- Abitat deployment - 7,026 abitats deployed at Flinders Bay. On target to have a total of 10,000
abitats deployed at the Flinders Bay ranches by Q1FY19
- Harvest Production - up 114% to 21.0 tonnes in H1FY18 compared to 9.8 tonnes in H1FY17
- Wylie Bay – Trial assessment continues for 400 seeded Abitats
- Three potential news sites in South Australia and Victoria to be evaluated in Q1 2018 to grow the
21st February, 2018
One of Japan’s largest seafood importers visits Augusta
Last week, Ocean Grown Abalone (OGA) welcomed Tomoki Uragami from KYOKUYO CO. LTD, one of Japan’s largest seafood importers to Augusta. For his first time in Australia, Mr. Uragami received the royal abalone treatment – a Japanese dinner with abalone prepared two different ways, a trip on a dive boat followed by a tasting of freshly shucked, wild OGA greenlip abalone from the Southern Ocean.
OGA is increasing their abalone product range and distribution to include Tokyo, Japan. They plan on exporting a frozen whole in shell (WIS) product to Japan – perfect for sashimi style dishes. OGA’s most popular product is the IQF – or individually quick frozen meat. They have recently launched a new retail product which is in distribution in some Chinese supermarkets. The new retail-ready product landed in China conveniently in time for Chinese New Year, a popular time to consume the highly revered delicacy.
Tomoki Uragami was extremely impressed by what he saw and tasted in the south west.
Starting with a dinner at Margaret River eatery, Miki’s Open Kitchen, Mr. Uragami tried two different abalone dishes using the frozen WIS product, which he described as, “world class.”
He explains his first impressions after returning from the sea ranch at Flinders Bay. “It’s beautiful. On the boat, I was surprised at what I saw,” he said.
OGA uses an advanced and highly researched sea ranching technique, whereby juvenile greenlip abalones are placed in the ocean on OGA custom built reefs called abitats and left to nature to grow for 2-3 years until they reach a marketable size. They feed and survive in the wild as nature intended.
After a diver delivered a live greenlip, straight from the ‘abitat’ on the ocean bed, Brad Adams shucked the animal and prepared it sashimi style Mr. Uragami said the abalone was the best he had ever had.
“The texture, taste, colour, everything, the best.”
Japan are one of the largest importers of land based farmed abalone in the world and one of the largest importers of live Australian abalone. Their favourite way to consume abalone in Japan is no surprise, sashimi style.
For OGA, Mr. Uragami will be an important new client. “This is our first Japanese client, and it is the first time their company, Kyokuyo will import abalone from Australia,” said Ian Ricciardi, Executive Director, Ocean Grown Abalone.
“They are interested in our frozen whole in shell product, perfect for sashimi and their high end food service distribution.”
“Whilst it is still early days for OGA, having a client of this caliber on board is exciting.”
Mr. Ricciardi added, “Uragami san was extremely impressed by his abalone experience in Australia’s south west. We are looking forward to more dealings with Kyokuyo co. ltd. in the future.”