Strong domestic demand for the fish firm's main product, Atlantic salmon, drove its underlying net profit to $21.2 million for the year ended June 30. This compared with $16 million in 2006/07.
Tassal's statutory net profit for the year to June 30 came in at $20.5 million compared to $20.1 million in the previous year - a 1.6 per cent improvement.
However, the company said the statutory result was adjusted each year to include an accounting requirement for its biological assets.
The company expects local appetite for its produce will continue to drive up earnings in the current financial year.
"Tassal is well positioned to benefit from the investments made in 2008," it said.
"Tassal is experiencing strong earnings momentum and expects to achieve an underlying net profit after tax of $30 million for fiscal 2009, in line with its previous guidance."
Revenue for 2007/08 increased by 16 per cent to $167.3 million.
The company said it had managed to increase its harvested fish size, while reducing the cost of production and setting higher effective prices for domestic and export sales.
"Our balance sheet is strong, with low gearing which will allow Tassal to aggressively pursue both organic and acquisitive growth," chief executive Mark Ryan said.
The fish farmer will pay an unfranked final dividend of 3.5 cents per share, bringing the total dividend for the financial year to 6.5 cents per share.
That represents an increase of 23.81 per cent over the previous year's payout.
