Oceana Group's profit drops due to global fish oil price decline

Stephen Grootes speaks to Neville Brink, CEO of Oceana Group, about the company’s latest financial results. 

Listen to the interview in the audio player below.

The Lucky Star canned fish owner, Oceana Group has reported a decline in interim profit, driven by a drop in global fish oil prices.

This despite an improved performance in its South African operations, which includes the flagship Lucky Star foods division.

Lucky Star, which is known for its canned pilchards, now also produces canned meat products and a variety of chakalaka and vegetable stew products.

Headline Earning for the six months to the end of March is down nearly 44%,

Revenue was up 2,9%, but lower fish meal and lower fish oil prices ate into the profits.

Speaking to Stephen Grootes on The Money Show, Neville Brink, CEO of Oceana Group says the demand for the Lucky Star brand of products has provided a much needed revenue boost.

"It's not only Lucky Star pilchards, we've expanded the range that Lucky Star produces outside of pure fish, and we're now in canned meat and in canned chicken under the Lucky Star brand, and those sales have enhanced the performance of the brand."

- Neville Brink, CEO - Oceana Group

"...we're operating in all the SADC countries, and the demand from those regions has been strong. And just recently we've gone into Ghana in the last year. That has also done well."

- Neville Brink, CEO - Oceana Group

"Worldwide, Peru is the single largest producer of fish meal and fish oil. They had a very poor season in 2023, it came right in '24 but because of the '23 low season, prices just escalated. Particularly in oil"

- Neville Brink, CEO - Oceana Group

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