Oceana Group’s revenue falls to US$271.0M
Lucky Star and wild-caught seafood offset weaker fishmeal and fish oil performance.
SOUTH AFRICA – Oceana Group Limited has released its interim results for the six months ended 31 March 2026, reporting lower revenue but improved earnings driven by stronger operating performance and reduced finance costs.
The company posted revenue of about US$263.6M, down 6%, while operating profit was broadly stable at roughly US$36.0M compared with US$36.5M in the prior period. Headline earnings per share increased 7.7% to 349.8 cents.
Mixed performance across divisions
Results were shaped by uneven performance across business units, with gains in consumer and fishing operations helping to offset weaker commodity-linked returns.
Lucky Star Foods recorded revenue growth of 4.4%, supported by stable demand for canned protein and a stronger product mix. Operating profit rose 41% to about US$17.5M, driven by higher volumes, improved margins, and expansion into canned meat products.
Canned meats now account for nearly 10% of sales, while supply constraints in canned fish continued to affect availability and planning across the segment.
Strong gains in Wild Caught Seafood
Wild Caught Seafood delivered the sharpest improvement, with revenue rising 19.1% and operating profit increasing 176%.
Higher hake catches, improved fleet efficiency, and vessel upgrades supported performance, along with stronger export pricing in Europe. Horse mackerel results were stable despite lower landings, while fuel hedging gains in Namibia and operational efficiencies helped contain costs.
Fishmeal and Fish Oil, however, recorded weaker results as global prices fell, particularly for fish oil, reducing margins even though inventory levels increased. The segment remained exposed to shifts in aquaculture demand and anchovy supply conditions.
Financial position and outlook
Capital expenditure dropped to US$6.3M from US$9.9M, with the focus mainly on maintenance of the hake fleet. Lower debt levels also reduced interest expenses, contributing to higher earnings.
The company declared an interim dividend of 110 cents per share. Looking ahead, Oceana expects continued supply pressure in canned fish markets, while anticipating firmer pricing trends in fishmeal and fish oil for the remainder of the year.
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