Oceana earnings jump to 56%
Oceana Group expects earnings to rise by as much as 56% for the year ended 30 September 2026, supported by stronger seafood sales and improved performance from its US fishmeal and fish oil business.
The recovery is significant for Namibia, where the group operates in the horse mackerel fishing industry.
In a trading statement, Oceana, which is listed on both the Johannesburg Stock Exchange (JSE) and the Namibia Securities Exchange (NSX), said earnings per share are expected to increase by between 45% and 55% to between 815 cents and 870 cents, from 562.4 cents in the previous financial year.
Headline earnings per share are forecast to rise by between 46% and 56% to between 825 cents and 880 cents, compared with 564.8 cents a year earlier.
The group attributed the expected improvement primarily to higher operating profit and lower interest costs. Its US fishmeal and fish oil business and wild-caught seafood division recorded stronger performances, supported by higher volumes and improved pricing. Its Lucky Star foods business also made a solid contribution despite limited inventory.
These gains more than offset weaker results from the African fishmeal and fish oil segment.
Namibia's operations contributed N$444 million in revenue during the six months ended 31 March 2026, despite lower horse mackerel landings. Higher average selling prices, lower fuel costs, reduced quota usage fees and fuel-hedging gains helped improve profitability.
Horse mackerel landings in Namibia fell by 16% to 16,649 tonnes during the period, from 19,746 tonnes a year earlier. Despite the decline in volumes, the group reported improved profitability from its Namibian operations, highlighting the importance of pricing and cost management.
The expected full-year recovery follows a difficult 2025 financial year, when Oceana's headline earnings per share fell by 38.4% to 564.8 cents. Operating profit declined by 23.2% to R1.25 billion, while revenue slipped by 0.7% to R10 billion, largely reflecting lower global fish oil prices and higher interest costs.
Oceana expects to release its full-year results on or about 26 November 2026, providing further detail on the performance of its Namibian operations and their contribution to the group's earnings.
