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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 5 MONTHS ENDED 22 FEBRUARY 2026
The Group's financial results for the 5 months ended 22 February 2026 ("the period") reflect that
revenue remained consistent with the previous 5 months period ("prior period"), while operating
profit was, as expected, slightly lower. Strong results from the Lucky Star foods and Wild caught
seafood segments offset the expected weaker results from the fishmeal and fish oil businesses.
The performance of fishmeal and fish oil was adversely affected by reduced industrial fish
landings in South Africa and lower global fish oil prices.
Lucky Star foods performed well, driven by high demand for canned fish and better margins.
Additionally, improved results from the horse mackerel businesses in South African and Namibia
enhanced the overall performance of the Wild caught seafood segment.
Lucky Star foods
Lucky Star foods delivered a 6.7% increase in sales volumes during the period, mainly due to
strong local demand for canned fish products, an encouraging outcome considering the
challenging consumer environment. Non-fish products made up 9% of total sales volume, with
canned meat growing strongly.
Local canned fish production volumes declined by 77% due to constrained global supply of
frozen fish, resulting in an increased processing cost per unit. Despite this, Lucky Star foods'
operating margins improved, primarily attributed to lower freight and inventory holding costs, the
positive impact of a stronger Rand on the cost of procuring fish, a favourable sales mix and higher
volumes of locally caught pilchards.
Inventory levels ended 59% below the prior period's elevated levels, mainly due to lower frozen
fish supply. Securing sufficient fish supply to service favourable market demand levels remains a
key focus.
Fishmeal and fish oil (Africa)
Operating performance declined from the prior period, primarily due to lower landings of red-eye
herring, no anchovy total allowable catch ("TAC") and reduced cannery trimming volumes. This
led to an 80% reduction in production volumes and an under recovery of fixed costs.
The rise in production cost per unit, combined with lower sales volumes, resulted in a higher
operating loss than the prior period. Inventory levels closed 74% lower than the prior period.
Fishmeal and fish oil (USA)
Fishing and production operations were limited to a single month within the period, due to the
annual closed season starting on 1 November 2025. The upcoming season is set to commence
in mid-April 2026.
Sales volumes increased by 7.7% compared to the prior period. However, sales prices for
fishmeal and fish oil prices were materially lower, with average fish oil prices realised
approximately 45% lower year-on-year. Additionally, the financial results on translation were
affected by a stronger average Rand exchange rate during the reporting period.
Global prices for fishmeal and fish oil showed an upward trend in the second quarter as the
market awaits updates on Peru's initial anchovy quota allocation.
Inventory levels closed 25% higher than the prior period, mainly attributable to higher fishmeal
inventory at period end.
Wild Caught Seafood
The hake business delivered a slightly weaker result, mainly due to 8% lower catch volumes and
the stronger Rand impact on export revenues. Operationally, catch rates and days at sea were
marginally lower due to the scheduled dry docking of the fleet's flagship vessel, Beatrice Marine.
The business benefited from reduced fuel costs and consistently strong sales prices in Europe.
Horse mackerel performance in South Africa improved, driven by higher catch rates and lower
fuel prices. However, this was partially offset by lower US Dollar prices for larger sized fish and
the impact of a stronger Rand on export revenues. The Desert Diamond vessel commenced its
annual class survey in February and continues to be classified as an asset held for sale, with the
Group maintaining active efforts to dispose of the vessel.
A new dual-purpose vessel has been acquired and is scheduled for delivery in the third quarter of
this year. Once received, the vessel will undergo a complete refit, aiming to be ready for operation
by January 2027.
In Namibia, although catch rates were lower and the Rand stronger, the horse mackerel business
delivered a significantly improved performance. This was primarily driven by lower fuel costs and
materially higher US Dollar sales prices, supported by a better product mix and strong market
demand.
The squid industry faced persistently low catch rates during the period, resulting in a 40%
decrease in catch volumes. The limited supply from South Africa has sustained firm European
market prices.
The Wild caught seafood segment secured hedges in November 2025 covering 70% of forecast
fuel requirements to financial year end, excluding the Desert Diamond due to its held-for-sale
status.
Publication of interim results
The Group's interim results for the six months ending 31 March 2026 are expected to be released
on the Stock Exchange News Service on or about 21 May 2026.
The financial information and any forward-looking statements in this announcement have not
been reviewed or reported on by the Group's auditors.
23 March 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: 23-03-2026 07:30:00
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