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Horse mackerel and hake performance static

Earlier in May, the Oceana Group released its preliminary financial results for the six months ended  31 March 2014 indicating that group revenue exceeded R2.3 billion which is 4% less than the R2.46 billion for same period last year. Total group revenue for the full financial year ended 30 September 2013 marginally exceeded R4.7 billion.
The Oceana Group has total assets exceeding R2.6 billion, slightly down from 30 September 2013 when total assets stood at just over R2.8 billion. Oceana, headquartered in Cape Town, is the largest fishing group in southern Africa. The original company was incorporated in 1918.
In Namibia, Oceana operates in the mid-water and demersal segments.
In its report, Oceana said the 2014 Namibian horse mackerel TAC remains the same as 2013 at 350,000 tons noting that the Ministry of Fisheries and Marine Resources continued to allocate further quota to new rights holders.

“In South Africa the Precautionary Maximum Catch Limit for targeted catch of horse mackerel increased by 10% to 38,115 tons (2013: 34 650 tons).”
“Although catch rates in Namibia have been very good the overall tonnage caught was lower than for the comparative six month period. One of our three Namibian trawlers has been operating successfully in a joint venture in Angola since the second half of 2013.”
Although prices remained firm in their major markets with higher prices being achieved for certain fish sizes, profit from horse mackerel showed a decrease as a direct result of lower tonnage caught for the period,” the company said.
“Hake operations continue to benefit from the successful Lusitania integration. Revenue growth has resulted from improved catch rates and a favourable exchange rate. Profit from hake operations showed a substantial improvement as a consequence of revenue growth and operating efficiencies.”
Horse mackerel and hake contributed N$485,605,000 to group revenue.
Financial results
Oceana said “Group earnings for the six months ended 31 March 2014 have been solid under tough trading conditions, coming off a strong base for the comparative six month period. Basic earnings per share and basic headline earnings per share increased by 5.6% over the same period.”
“Revenue for the period decreased by 4% primarily due to the effect of lower horse mackerel catch rates but offset by the positive growth in our three remaining divisions and bolstered by better than expected canned fish volumes and the positive effect of a weaker exchange rate on exported products.”
An interim dividend of 106 cents per share has been declared (2013: 100 cents per share).
The company secretary, JC Marais advised that share certificates may not be dematerialised or re-materialised between Monday, 23 June 2014 and Friday, 27 June 2014, both dates inclusive.

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