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.
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