10/12/2021 - 15:09

$1.6m profit for KB Australia

10/12/2021 - 15:09

Bookmark

Upgrade your subscription to use this feature.

KB Australia’s revenue was down $77 million in the 2020 calendar year after a drop in sales, but the seafood company still managed to post a $1.6 million profit.

$1.6m profit for KB Australia
The business dates back to a fish shop established in 1926. Photo: Gabriel Oliveira

KB Australia’s revenue was down $77 million in 2020 after a drop in sales, but the foreign-owned seafood group still managed to post a $1.6 million profit.

According to the group’s most recent annual report, revenue decreased from $589 million in 2019 to $512 million in 2020 calendar year.

Sales fell from $624 million in 2019 to $544 million in 2020.

Despite reduced sales, the company recorded a total profit of $1.6 million, up from a $900,168 loss in 2019.

The company was formed in 2016 when the Kailis family folded its seafood business Kailis Bros into a venture called KB Food Company that was 90 per cent owned by Hong Kong-listed Legend Holdings.

The Kailis Bros business dates back to 1926, when George Palassis Kailis migrated to Australia from Greece and established a retail fish shop.

The financials confirmed reports members of the Kailis family, George Kailis and Matthew Kailis, resigned from the board in February 2020.

It also shows that as of April 2020, Legend Holdings owned 100 per cent of KB Foods.

In August 2020, the group changed its name from KB Food Company to KB Australia Holding.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options