Tantalizers Plc has taken a bold step into the global seafood market with the announcement of a new five-year export agreement involving its subsidiary, Tantalizers Fisheries Limited, and Harvester Fisheries LLC, a major seafood importer headquartered in Massachusetts, United States. The deal, described by the company as a multimillion-dollar contract, represents one of the most significant international partnerships yet for the Nigerian food services company, traditionally known for its quick-service restaurant chain.
The agreement, disclosed through a regulatory filing with the Nigerian Exchange and signed by Company Secretary Olamide Babawale-Mo, outlines a long-term offtake arrangement under which Tantalizers Fisheries will supply minimum annual quantities of wild-caught tiger prawns and pure shrimps to the US-based buyer. The arrangement will run for five years, providing revenue visibility and establishing a firm foothold for the company in North America’s premium seafood distribution network.
Harvester Fisheries LLC, which operates out of New Bedford, Massachusetts—one of the most active and reputable fishing ports in the United States—specializes in distributing high-grade seafood to supermarkets, restaurant chains, specialty stores, and institutional customers across North America. The US company is known for its strict sourcing standards, suggesting that Tantalizers Fisheries has met the stringent quality, safety, and sustainability requirements needed to enter the US market.
Tantalizers Plc’s Group Managing Director, Robert Speijer, emphasized the strategic importance of the partnership, noting that it enhances the company’s global supply chain and positions Nigeria as a dependable origin for high-quality seafood. “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,” he said.
A Growing Export-Focused Operation
Tantalizers Fisheries Limited operates within a designated Free Trade Zone in Nigeria, allowing the company to focus exclusively on export activities while benefiting from duty exemptions, faster processing, and other incentives that support international trade. The subsidiary is involved in the harvesting, trawling, processing, and exportation of wild-caught shrimp and prawns, adhering to global food safety and traceability standards. This specialized operational structure has helped position the company as a competitive player in the expanding global seafood market.
The signing of this long-term agreement coincides with Tantalizers’ improving financial performance. After a challenging 2024, where the company ended the year with a pretax loss of N259.5 million, the first nine months of 2025 saw a dramatic turnaround. Tantalizers reported a pretax profit of N41.1 million during the nine-month period, reflecting improved revenue quality, cost reductions, and overall operational discipline.
Revenue and Financial Performance
Total revenue for the nine months reached N2.05 billion—slightly below the N2.9 billion recorded in December 2024, but more stable and supported by better margins. Franchise-operated outlets contributed the largest share of sales at N1.1 billion, while company-owned outlets generated N945.2 million.
Net revenue closed at N913.2 million. Despite lower gross profit of N310.4 million compared to the N425.1 million posted in 2024, cost of sales declined significantly by 22%, contributing to healthier margins.
Improved Efficiency and Cost Management
A key driver of the company’s financial rebound was improved operational efficiency. Other income rose 29% to N159 million, supported largely by franchise income of N81.5 million and rental income of N74.1 million.
The company made notable progress in expense management:
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Distribution expenses reversed a previous loss of N3.1 million to a positive N10.3 million.
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Administrative expenses fell sharply to N539.9 million, down from N825.8 million.
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Write-back entries totaling N59.8 million provided additional support to the bottom line.
As a result of these improvements, Tantalizers reduced its operating loss to just N189,152—a major improvement from the N189.9 million loss recorded at the end of 2024. Financial costs also shifted favorably: a net finance cost of N69.6 million last year converted into a gain of N41.3 million during the period under review, further strengthening the company’s profitability metrics.
A Strategic Pivot Toward Export Markets
The new seafood export agreement signals a deepening of Tantalizers’ long-term diversification strategy. By leveraging its fisheries subsidiary within the Free Trade Zone, the company is positioning itself not only as a domestic food services operator but also as an emerging player in Nigeria’s non-oil export sector. With a guaranteed buyer in the United States for the next five years, Tantalizers appears set to scale its export operations, earn steady foreign exchange, and further solidify its financial recovery.
