Oceana's Namibia operations net N$444m

Oceana Group has reported a 7.7% increase in headline earnings per share for the six months ended 31 March 2026, with its Namibian operations generating N$444 million in revenue during the period despite a decline in horse mackerel catch rates.

The global fishing and food processing group said diversification across its Lucky Star canned foods, Wild Caught Seafood and fishmeal businesses had cushioned weaker global prices for fish oil and fishmeal. Revenue for the period declined 6% to N$4.9 billion, though the gross profit margin improved by 30 basis points to 28.1%, producing an operating profit of N$665 million broadly in line with the prior period. The group declared an unchanged interim dividend of 110 cents per share.

In Namibia, lower fuel prices and reduced quota usage fees helped offset a fall in horse mackerel catch rates, supporting a significantly higher operating profit from the country's operations. A strong increase in the average rand sales price and a fuel-hedging gain further bolstered results, with Namibia's contribution of N$444 million underscoring the strategic importance of the country to the group's Wild Caught Seafood segment.

South African horse mackerel operations also performed well, with improved catch rates lifting sales volumes by 13%.

"Investing in our fleet and factories, paying down debt and controlling what we can has ensured resilience in this unpredictable environment," said Neville Brink, chief executive of Oceana Group.

The group's net debt fell significantly to N$1.7 billion, with the net debt to earnings before interest, tax, depreciation and amortisation ratio improving to 1.1 times from 2.2 times in the prior period. Capital repayments in South Africa and the United States, together with lower working capital levels, contributed to the reduction.

Oceana's Lucky Star business delivered a strong performance, selling 5.1 million cartons of canned food, marginally ahead of the prior period record, driven by stable canned fish volumes and a significant increase in canned meat sales. Operating profit improved despite lower canning production volumes, aided by lower import costs, increased local pilchard landings and reductions in logistics and storage costs.