Oceana delivers strong results despite challenges
JOHANNESBURG - FISHING company Oceana Group yesterday said for the year ended September it had declared a dividend of 293 cents, up 22 percent on last year despite Covid-19 challenges.
Group revenue was up 9 percent to R8.3 billion, while operating profit increased by 21 percent to R1.4bn.
The JSE-listed firm’s chief executive, Imraan Soomra, said: “Our customers are located across the world, with fresh fish being in demand in Africa and Europe, pet food in the US, fish meal in Europe, Africa and Asia, and canned fish in South Africa. Diversification of both supply of raw materials and demand for our products has been key to delivering strong results this year.”
The group said its continued focus on ensuring affordability and accessibility of Lucky Star, Oceana’s iconic canned fish product, yielded a resilient performance by growing core volumes driven by strong in-home consumption and improved feeding scheme volumes.
Canneries in South Africa and Namibia delivered production and supply chain efficiencies to offset the significant increase in the cost of imported raw material, which ensured further cost containment. Over the medium term, the group said it expected a growing demand for its product.