Oceana Group defers interim dividend payout due to Covid-19
Oceana Group is a global fishing company, ranked as one of the top 20 seafood companies in the world.
It's better known locally as producing the Lucky Star brand of pilchards.
The Money Show interviews the company CEO about local earnings and the impact of Covid-19 on exports.
Canned fish is a significant portion of Oceana's earnings, probably about 25 to 30 per cent...and obviously a staple to SA consumers and a big part of our SA earnings.Imraan Soomra, CEO - Oceana Group
The SA resource has undergone a cyclical low so a few years ago we began importing frozen fish from elsewhere so much so that this year almost all the fish in Lucky Star is from elsewhere, which we've bought predominantly from West Africa and bring back...to keep the jobs up the West Coast sustained.Imraan Soomra, CEO - Oceana Group
The hake export market in South Africa is also holding up well.
We've seen in Euro terms significant increases in those price points...especially during lockdown with our products consumed in-home, we've seen demand for South African Cape white fish soar...the real challenge was getting supply into Europe - disruptions in ports....Imraan Soomra, CEO - Oceana Group
Listen to the interview below.
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