Chamwe Kaira
Oceana Group Limited has warned shareholders that its earnings for the year ended 30 September 2025 are expected to drop sharply, despite stronger catches late in the financial year.
In a trading update released on the Johannesburg Stock Exchange (JSE), the Cape Town-based fishing and food processing company, which also operates in Namibia, said it now expects its basic earnings per share to range between 589 cents and 534 cents.
This reflects a decline of between 36% and 42% from the 920.9 cents reported in 2024.
Headline earnings per share are forecast to fall within the same range, between 587 cents and 532 cents, also a 36% to 42% decline from the previous year’s 917.6 cents.
The group said the updated forecast follows improved performance in its wild-caught seafood segment, which recorded better catches in the final two weeks of September. The late boost helped reduce the expected decline in earnings announced in September.
Oceana has announced that it is finalising its financial results for the year, set for release on 24 November.
The group is listed on both the Johannesburg and Namibian stock exchanges.
In an earlier update for the 11 months ended 24 August, Oceana reported lower revenue and profitability. The company attributed this to a 50% drop in fish oil sales prices compared to record levels achieved in the prior year.
Despite this, Oceana said steady consumer demand and higher local production supported a solid performance from Lucky Star foods.
Hake results also improved with better catch rates and higher prices.
Strong demand and prices for horse mackerel, however, failed to offset continued low catch rates in both South Africa and Namibia.
In South Africa, improved reliability of the Desert Diamond vessel increased sea days, but poor catch rates limited gains.
Catch rates for Namibian horse mackerel remained weak, resulting in a performance similar to the previous period, although sales prices stayed firm due to sustained market demand.
Caption
Oceana has substantial operations in Namibia.
