South Africa’s Sea Harvest Group is warning shareholders its earnings dropped by almost 30 percent last year, primarily due to surging fuel prices.

Sea Harvest, which plans to publish its final 2022 figures on March 7, said it expects earnings before interest and tax (EBIT) for the year to sink to between ZAR 490 million (€26 million/$27.8 million) and ZAR 510 million (€27 million/$28.9 million).

This is a decrease of between 24 percent and 27 percent, compared with the ZAR 670 million (€35.5