Tantalizers Plc has announced a five-year offtake agreement with its subsidiary, Tantalizers Fisheries Limited, and Harvester Fisheries LLC, a seafood importer based in the United States.
Under the deal, Tantalizers Fisheries will supply minimum annual quantities of wild-caught tiger prawns and pure shrimps to Harvester Fisheries, which is headquartered in Massachusetts, over a five-year period.
In a disclosure filed with the Nigerian Exchange and signed by Company Secretary Olamide Babawale-Mo, Tantalizers described the agreement as a multi-million-dollar deal and a major step in its push into the global seafood export market.
Speaking on the partnership, Tantalizers Plc’s Group Managing Director, Robert Speijer, said:
“Our partnership with Harvester Fisheries strengthens our global supply chain and positions Nigeria as a credible source of high-quality seafood for the North American market.”
What to know:
Harvester Fisheries LLC is based in New Bedford, Massachusetts, one of the most active fishing ports in the United States.
- The company imports and distributes high-grade seafood to retail chains, restaurants, and institutional buyers across North America.
Tantalizers Fisheries Limited, a subsidiary of Tantalizers Plc, operates within a designated Free Trade Zone in Nigeria as a fully export-focused enterprise.
- It specializes in harvesting, trawling, processing, and exporting wild-caught shrimp and prawns in line with global quality and food safety standards.
This development comes on the back of a strong performance in the first nine months of 2025, during which Tantalizers reported a N41.1 million pretax profit, rebounding sharply from the N259.5 million loss recorded in December 2024.
Top-line performance
Tantalizers’ improved performance in the nine-month period was driven by steady revenue and tighter cost controls.
Revenue for the period came in at N2.05 billion, slightly lower than the N2.9 billion reported in December 2024.
- Franchise-owned outlet sales contributed the largest share with N1.1 billion, followed by N945.2 million from company-owned outlets.
Net revenue stood at N913.2 million, and after accounting for cost of sales—which was reduced by 22%—gross profit settled at N310.4 million, though lower than the N425.1 million recorded in 2024.
Most of the bottom-line improvement, however, came from stronger operational efficiency.
Operational efficiency
Beyond the top line, Tantalizers recorded other income of N159 million, a 29% increase.
This was driven mainly by:
- Franchise income: N81.5 million
- Rent income: N74.1 million
- Other income streams make up the balance
The company also made significant progress in cost management:
- Distribution costs improved dramatically from a N3.1 million loss to a N10.3 million gain.
- Administrative expenses were reduced to N539.9 million, down from N825.8 million.
- Additional support came from write-backs of N59.8 million.
These improvements helped narrow operating loss to just N189,152, a major recovery from the N189.9 million loss in December 2024.
A previous net finance cost of N69.6 million was converted into a N41.3 million gain, helping preserve bottom-line earnings for the period.