OGA Sees a 161% Sales Growth

Ocean Grown Abalone Limited (ASX: OGA) released a 161% increase in sales growth in the first half of the 2018 financial year, complemented by a 114% growth in production.

On 31st January, OGA released its operations update and Appendix 4C Cashflow Statement for the quarter ending 31 December 2017.

OGA successfully listed on the Australian Securities Exchange (ASX) in November 2017, after successfully raising A$10 million in an oversubscribed initial public offering (IPO).

Key outcomes of the report include:

  • Sales for H1FY18 were 24.3 tonnes – 161% higher than the 9.3 tonnes in H1FY17
  • Sales were mostly to Asian markets, with sales to Australia representing 7% of the total
  • A total of 7026 Abitats (artificial abalone reefs) were deployed at Flinders Bay – this is on target to reach 10,000 Abitats deployed at Flinders Bay by Q1FY19
  • Harvest for H1FY18 was 21 tonnes, 114% higher than the 9.8 tonnes in H1FY17

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