Oceana full-year HEPS up 13.5%

Oceana, a leading fishing company, recently announced a 13.5% increase in headline earnings per share, driven by record earnings from its US Daybrook operations, margin expansion at Lucky Star foods, and a notable turnaround in the Hake operations. Neville Brink, CEO of Oceana, shared insights on the company's performance and outlook in a recent interview with CNBC Africa. Brink highlighted the success of Lucky Star, a beloved brand in South Africa. He expressed pride in the brand's growth and diversification beyond canned fish products. The company's focus on providing affordable protein for consumers led to a significant increase in volume and improved operating margins. The innovative upgrades in the factories also played a crucial role in boosting profitability. On the US Daybrook operations, Brink credited the surge in profits to a spike in oil prices, which benefitted salmon farmers who require high omega oils for fish growth. Oceana's prudent stock management and robust market demand contributed to the outstanding performance of the US segment. Additionally, the hake business experienced strong growth, catering to the rising demand for sustainable seafood in Western Europe. While addressing recent concerns about counterfeit poachers falsely associated with Lucky Star products, Brink clarified that the counterfeit issue did not impact the company's market standing. He reassured stakeholders that stringent controls and consumer trust shielded Lucky Star from any negative repercussions. In fact, Oceana reported record sales volumes in the subsequent financial year, showcasing consumer loyalty and confidence in the brand. Regarding the outlook for US operations under the new administration, Brink remained optimistic, emphasizing that political shifts in the US did not pose significant risks to Oceana's operations. The company's compliance with US legal requirements and strategic positioning in the aquaculture industry mitigated any potential concerns. Despite short-term challenges due to fluctuating oil prices, Oceana's long-term growth prospects in the aquaculture and pet food sector remained strong. Brink expressed unwavering confidence in Oceana's South African operations, signaling a positive sentiment towards the country's economic outlook. With substantial investments in local infrastructure and production facilities, Oceana demonstrated its commitment to leveraging the favorable business environment and consumer sentiment in South Africa. The CEO affirmed the company's belief in the country's growth potential and affirmed their dedication to capitalizing on emerging opportunities. In conclusion, Oceana's remarkable financial performance, coupled with its strategic investments and optimistic outlook, position the company for sustained growth and success in the evolving global seafood market.