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Oceana Group has reported consistent revenue for the five months ended 22 February 2026. A standout performance from its iconic Lucky Star brand, along with improved horse mackerel results, successfully balanced a sharp downturn in the global fish oil market.<\/p>\n
While the group maintained its topline, operating profit for the period was slightly lower, a result management attributed to significant headwinds in the industrial fish segment.<\/p>\n
Lucky Star defies consumer pressure<\/strong><\/p>\n Lucky Star Foods remains the group\u2019s primary defensive pillar, delivering a 6.7% increase in sales volumes despite a constrained domestic consumer environment.<\/p>\n High demand for canned fish was accompanied by a strong showing from non-fish products, which now account for 9% of the division\u2019s total volume.<\/p>\n Read: Oceana slashes dividend as earnings fall<\/p>\n ADVERTISEMENT<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Although local canned fish production plummeted by 77% due to global frozen fish supply shortages, Lucky Star successfully improved its operating margins. This margin expansion was driven by a stronger rand, lower freight costs, and a higher volume of locally caught pilchards.<\/p>\n Fish oil and global market headwinds<\/strong><\/p>\n The group\u2019s fishmeal and fish oil operations faced a much tougher measurement period.<\/p>\n In the United States, average realised fish oil prices crashed by 45% year on year, while South African production volumes were slashed by 80% due to poor industrial fish landings and the lack of an anchovy quota.<\/p>\n Read: Daybrook Fisheries\u2019s US ops Oceana\u2019s really big winner<\/p>\n These factors led to a higher operating loss in the African division, as unit costs surged under the weight of fixed-cost under-recovery.<\/p>\n Fleet renewal and Wild Caught Seafood<\/strong><\/p>\n ADVERTISEMENT:<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Performance in the Wild Caught Seafood segment was mixed but overall enhanced by horse mackerel. In Namibia, the horse mackerel business delivered a \u201csignificantly improved performance\u201d, fuelled by high US dollar sales prices and lower fuel costs.<\/p>\n Conversely, the hake business saw an 8% drop in catch volumes following the scheduled dry docking of the fleet\u2019s flagship, Beatrice Marine.<\/p>\n Oceana is actively modernising its fleet, confirming the acquisition of a new dual-purpose vessel scheduled for delivery in the third quarter of 2026.<\/p>\n<\/blockquote>\n The group is also continuing to seek a buyer for the Desert Diamond, which remains classified as an asset held for sale. To manage ongoing volatility, the segment has hedged 70% of its forecast fuel requirements through the end of the financial year.<\/p>\n Oceana is expected to release its finalised interim results on 21 May 2026.<\/p>\n<\/p><\/div>\n\n