Oceana triples after-tax profits
Total income for the year grew to R1.1bn and the group also benefited from a much smaller taxation expense
Oceana Group more than tripled after-tax profits in the year to end-September, the fishing company said after the markets closed on Thursday. Total income for the year grew to R1.1bn from R335m the year before as revenue increased 14% to R7.7bn. The improvement was due to higher canned fish sales volumes; improved landings of hake, horse mackerel and squid in SA and gulf menhaden in the US; better efficiencies; and improved management of foreign currency exposure, Oceana said. Revenues from the group’s African operations increased 11%, while the Daybrook operation in the US grew revenues by 24%. The group also benefited from a much smaller taxation expense. It paid taxes of R800,000, down from R188m the prior year, thanks to US President Donald Trump’s move to reduce the federal corporate tax rate. Oceana reported a final dividend of 304c a share, taking the dividend for the full year to 416c. In 2017, it paid total dividends worth 90c a share. hedleyn@businesslive.co.za
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