Lucky Star owner Oceana reports profit increase for its full year
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Neville Brink - Chief Executive Officer talks about JSE-listed global fishing Company Oceana says a spike in consumer demand for more pocket-friendly protein has supported the 17% increase in headline earnings per share (Heps) from continuing operations to 626 cents, up from 536.2 cents in 2021.
In a Sens release on Monday – reporting on the group’s 2022 performance for the period ended 30 September – Oceana said that as food prices continue to rise, it expects the demand for such proteins to continue supporting the company’s recovery.
Oceana owns various tinned fish products such as canned pilchards and canned tuna, among others, selling them mainly under the Lucky Star brand.
“Consumer demand for affordable protein and the relative value that Lucky Star provides compared to competing proteins ensured a strong recovery in sales in the second half, after stock constraints hampered the first-half performance,” the group said.
“Sales volumes in the second half increased by 8%, notwithstanding an effective 8% price increase.”
“Fish, particularly canned fish, is an affordable, healthy source of protein for many South African families as the Kasi Brands survey confirmed when it found Lucky Star tinned fish to be the top township brand. The demand was always there, and the second-half sales volumes improved when we were able to replenish our stocks,” CEO Neville Brink said in a statement.
“This as well as global demand for fishmeal and fish oil and the Daybrook performance contributed to a set of results we’re very pleased with, particularly given the constrained global and local economies,” Brink added.
In a Sens release on Monday – reporting on the group’s 2022 performance for the period ended 30 September – Oceana said that as food prices continue to rise, it expects the demand for such proteins to continue supporting the company’s recovery.
Oceana owns various tinned fish products such as canned pilchards and canned tuna, among others, selling them mainly under the Lucky Star brand.
“Consumer demand for affordable protein and the relative value that Lucky Star provides compared to competing proteins ensured a strong recovery in sales in the second half, after stock constraints hampered the first-half performance,” the group said.
“Sales volumes in the second half increased by 8%, notwithstanding an effective 8% price increase.”
“Fish, particularly canned fish, is an affordable, healthy source of protein for many South African families as the Kasi Brands survey confirmed when it found Lucky Star tinned fish to be the top township brand. The demand was always there, and the second-half sales volumes improved when we were able to replenish our stocks,” CEO Neville Brink said in a statement.
“This as well as global demand for fishmeal and fish oil and the Daybrook performance contributed to a set of results we’re very pleased with, particularly given the constrained global and local economies,” Brink added.
