Wrap Text
OCEANA GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number: 1939/001730/06
JSE/A2X share code: OCE
NSX share code: OCG
ISIN: ZAE000025284
("Oceana" or "the Company" or "the Group")
VOLUNTARY TRADING UPDATE FOR THE 11 MONTHS ENDED 31 AUGUST 2026
For the 11 months ended 31 August 2026 ("the period"), Group revenue was in line with
the prior period and operating profit increased. This was driven by improved
performances from Lucky Star foods, fishmeal and fish oil (USA) and Wild caught
seafood, partly ofset by continued pressure in the fishmeal and fish oil (Africa)
segment, where lower production and sales volumes resulted in a significant operating
loss.
Lucky Star Foods
Lucky Star foods delivered mixed results for the period, with a strong first half followed
by a subdued second half through to the end of August. Shortages of frozen fish raw
material constrained canned pilchard availability and slowed sales momentum. Total
sales volumes declined by 5%, driven by a 9% decrease in canned fish volumes, as
limited inventory prevented the business from fully meeting demand. Strong canned
meat sales partly ofset this decline.
Raw material shortages also reduced local canning production volumes by 60%,
placing upward pressure on per-unit production costs due to fixed production costs not
being fully absorbed. Despite this pressure, operating margins benefited from higher net
realised sales values, lower freight and inventory holding costs, a better sales mix and
increased volumes of locally caught pilchards.
Inventory volumes closed significantly lower than the prior period, primarily as a result
of the constrained fish supply environment.
Fishmeal and Fish oil (Africa)
Production volumes declined by 73%, due to a combination of a decline in industrial
fish landings and reduced pilchard trimmings following lower cannery production. The
lower production base resulted in a material increase in per-unit production costs for
the period.
Sales volumes decreased by 72%, driven by lower production volumes and reduced
product availability. This decline more than ofset the benefit of higher pricing, with
average fishmeal and fish oil prices increasing by 31% in Rand terms. As a result, the
segment's operating loss increased from the level reported at the interim reporting
period.
Fishmeal and Fish oil (USA)
Daybrook delivered a stronger performance for the period, supported by higher sales
volumes and improved US Dollar pricing. The benefit of operational and pricing
improvements was partly ofset on translation by the impact of a stronger Rand.
Gulf Menhaden landings improved in recent weeks, lifting cumulative landings to week
21 to 7% above the same period in 2025 and 11% above the five-year average. Fish oil
yields for the 11-month period were slightly lower at 10.7%, partially moderating the
benefit of improved landings. The 28-week fishing season will close at the end of
October 2026.
Sales volumes increased by 16%, supported by stronger landings and higher opening
inventory levels. In US Dollar terms, average fishmeal prices were largely unchanged
due to the timing of forward-contracted volumes. Average fish oil prices increased by
24% for the 11-month period, with higher global prices benefiting the second half
through to the end of August.
Closing inventory volumes increased by 6%, due mainly to increased landings during
the period.
Wild Caught Seafood
The performance of the Wild caught seafood segment improved, driven mainly by a
strong recovery in horse mackerel. The segment also benefited from fuel hedging gains,
with 70% of forecast fuel requirements for the financial year hedged across most of the
fleet.
The hake fleet performed well, with improved landings supported by increased days at
sea and higher catch rates. Higher unhedged fuel costs partly ofset the benefit of
improved landings, while sales volumes increased by 5%. European demand and
pricing remain firm, however the stronger Rand against the Euro diluted some of these
operational gains.
Horse mackerel catch rates improved, particularly in South African waters, helping to
absorb higher fuel costs, while total seadays remained stable. Sales volumes increased
by 8%, with firm market pricing amid supply shortages, particularly for smaller-sized
fish, the primary profit driver.
The squid business reported an operating loss for the period, due to persistently weak
catch rates across the industry.
The Group's results for the year ending 30 September 2026 are expected to be released
on the Stock Exchange News Service on or about 26 November 2026.
The financial information and any forward-looking statements in this announcement
have not been reviewed or reported on by the Group's auditors.
21 September 2026
Cape Town
JSE Sponsor: Primary Listing
The Standard Bank of South Africa Limited
NSX Sponsor: Secondary Listing
Old Mutual Investment Services (Namibia) Proprietary Limited
Date: 21/09/2026 07:05:00
Supplied by www.sharenet.co.za
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
