Oceana Group | The big fish
Production efficiencies, higher sales volumes and firmer prices drove OCE PBT up 28% y/y in H1'19. We note the strong 11% y/y volume increase of canned fish with a profit increase of 24% y/y.
The affordability of canned fish compared to other proteins and aggressive promotional activity led
to an increase in volumes. OCE's performance is good relative to the SA food producer peer group
where margins and earnings are stagnating or in decline
Oceana Group is engaged in the fishing and commercial cold storage industries. Co.'s fishing activities relate to the catching, processing, marketing and distribution of canned fish, fishmeal, fish oil, lobster, horse mackerel, squid and hake, covering inshore, midwater and deep-sea fishing, as well as the purchase of frozen and canned stock from external suppliers. Co. conducts its fishing businesses through four operating segments: canned fish and fishmeal; lobster, squid and french fries; horse mackerel and hake; and commercial cold storage. Co.'s products are sold and consumed in many African countries, the Far East, European Union, U.S. and Australia.
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