Durban – Oceana rose nearly 6% on the JSE yesterday after Africa’s largest black-owned fishing company reported a 9% increase in operating profit to R605 million during the six months to end-March.
The group said the uptick was driven by an 18% rise in its African operations to R 514 million.
The growth was offset by a 23% decline in Daybrook’s operating profit to R91.4 million. Oceana acquired 100% of US-based Daybrook Fisheries for R4.6 billion in 2015 to increase its profile as a global player in the fishing industry.
Oceana also said it had decided to defer its decision on an interim dividend in light of the evolving impact of the coronavirus pandemic.
“Our strategy of both customer and geographic diversification is paying dividends,” said Chief executive Imraan Soomra. He said the group had survived under difficult conditions.
“What has been critical in the Covid19 environment is that our products are primarily consumed in-home, which has protected us from closures in the tourism ad hospitality industries,” added Soomra.