Oceana’s Namibia unit shines despite quota cut

A significantly weaker US dollar against the Namibia dollar, combined with improved catch rates, enabled Oceana Group to generate N$799 million in revenue from its Namibian horse mackerel operations for the year ended 30 September.The group landed 37 091 tonnes of horse mackerel – an 8% increase on the prior year – averaging a strong 68 tonnes per vessel per day over 584 sea days in Namibian waters.“The Namibian horse mackerel vessels operated with a similar number of fishing days and comparable catch rates to the previous year," the company said in a statement."Higher profitability was, however, driven primarily by lower fuel prices and a 12% increase in average US dollar sales prices, supported by robust demand for affordable protein in key African markets,” Oceana added. Quota cuts cast a shadowDespite the strong contribution from Namibia, Oceana expressed serious concern over the sharp reduction in the 2025 horse mackerel total allowable catch (TAC), which was cut from 270 000 metric tonnes to just 208 000 metric tonnes. “Concerns remain about the long-term sustainability of the regulatory framework for the horse mackerel industry in Namibia,” the group warned.After fishing predominantly in Namibian waters during the first half of the year, the mid-water trawler Desert Diamond returned to South African waters, where horse mackerel catch rates remained sporadic for much of the period. Catch rates did, however, show significant and consistent improvement from September, although operations were limited to a confined area.Key highlightsAt group level, Oceana delivered a robust operating performance, with operating profit from its African businesses surging 58% and most key performance indicators improving. The gross profit margin narrowed to 27.8%, largely due to weaker margins in the fishmeal and fish oil divisions. Encouragingly, the Lucky Star canned fish brand saw margin expansion, supported by higher local pilchard landings, a more consistent supply of frozen fish, increased local production volumes and ongoing operational efficiencies. Profit after tax fell 35% to N$724 million, primarily reflecting weaker performance in fishmeal and fish oil, higher net interest expense, and an increased effective tax rate.

Oceana’s Namibia unit shines despite quota cut

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Republikein 2026-03-16

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Oceana’s Namibia unit shines despite quota cut

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