Oceana Group's interim profits plunge amid fish oil price correction

Oceana Group's unaudited condensed consolidated interim results for the six months ended 31 March 2025, revealed a 43.7% decrease in profit after tax to ZAR402 million, down from ZAR716 million in the corresponding period last year. Headline earnings per share also decreased by 43.9% to 324.9 cents. While revenue increased by 2.9% to ZAR5.2 billion, operating profit fell by 33.5% to ZAR676 million, impacted by lower gross margins at Daybrook due to fish oil pricing. The Group declared an interim dividend of 110 cents per share, compared to 195 cents last year. Lucky Star foods delivered strong results, while the Wild caught seafood segment benefited from stronger hake catches. The Group's net debt increased to ZAR3.5 billion. The company anticipates a more challenging operating environment for fishmeal and fish oil due to softer global prices.