Murray Cod Australia (ASX: $MCA) June 24 Quarter Report

Murray Cod Australia Ltd (ASX: $MCA) has released its Quarterly Cash Flow Report and Quarterly Activities Report for the quarter ended 30 June 2024. The company reported a 10% increase in sales tonnage compared to the June 23 quarter, with the average weight per processed fish sold for the June 24 Quarter increasing by 20%. Biomass growth continues, and demand in Southeast Asia is on the rise. Construction at the Stanbridge site is progressing as planned, and hatchery upgrades are underway. Additionally, the company successfully raised $20.4 million in capital during the quarter.

Executive Commentary on June 24 Quarter Performance

MCA's strategy to build the biomass of large fish 2.5kg plus is beginning to increase sales of larger fish domestically and internationally. The company's quality product and its rarity and luxury image continue to drive sales growth in Southeast Asia, with significant increases in sales to Singapore and Hong Kong. The company is pleased with the market penetration in Southeast Asia, and as demand for their product continues to build traction, they aim to achieve price premiums to the domestic market. Domestically, the company is experiencing stable sales of smaller size fish, and recognition of the national growth of the Aquna brand is evidenced by the recommencement of sales to Western Australia. The company does not anticipate increasing the number of Woolworths stores while demand is growing in export markets.

Summary of June 24 Quarter Report and Outlook

Murray Cod Australia Ltd (ASX: $MCA) has reported strong sales growth in the June 24 quarter, with increases in sales tonnage and average fish size. The company's strategy to build biomass of large fish is showing positive results, leading to increased sales domestically and internationally. Demand in Southeast Asia is growing, and the company is focused on achieving price premiums in this market. Construction at the Stanbridge site is progressing well, and hatchery upgrades are expected to significantly increase spawnings. The successful capital raising of $20.4 million highlights the strong investment thesis institutional and retail shareholders have recognized in MCA. The company looks forward to providing future updates on its continued progress.