Oceana Group (OCE) 1H24 – Results Snapshot

Diluted HEPS from continuing operations of 577.1cps (1H23: 313.0cps).
Revenue growth of 12.1% y-y (1H23: +47.8% y-y).
GPM up 700bps to 34.1%. (1H23: 27.1%).
Expense to sales down 80bps to 13.9% (1H23: 14.7%).
OPM expanded by 580bps to 20.2% (1H23: 14.4%).
PBT % improved to 18.3% (1H23: 12.2%).
Dividend of 195cps (1H23: 130.0cps).
Cash generated from operations increased by 12.6% to R634 million (March 2023: R563 million), attributable to the improved operating performance in the US, mitigated by higher working capital requirements in SA.
Canned fish volumes declined by 3.3% with overall canned food volumes declining by 20.8%, compounded by a canned meat shortage during the transition from outsourced to in-house manufacturing.