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COMPANY OF THE WEEK: Oceana Delivers Impresive Performance
(SOUTH AFRICA, 1/22/2010)
Year over year, Oceana Group Ltd. (Public JNB:OCE) has been able to grow revenues from R 3.0 billion to R 3.3 billion*. Most impressively, the company has been able to reduce the percentage of sales devoted to cost of goods sold from 71.01 per cent to 67.60 per cent. This was a driver that led to a bottom line growth from R 246.1 million to R 292.2 million.
 “Oceana’s economic performance in 2009 was very pleasing, surpassing that of last year in real terms, and more particularly because it was achieved in a year of economic turbulence, and uncertainty in all markets. Headline earnings per share at 279.4 cent were 18 per cent ahead of those of the previous year,” said Chairman Mustaq Brey.
"Once again Oceana’s strategy of investment in a range of fishing industry sectors together with its cold storage business proved its worth in producing respectable financial results during what has been a difficult period for most businesses" Brey added.
Oceana Group Limited shares are listed on the securities exchange operated by JSE Limited (JSE) and the Namibian Stock Exchange (NSX). Principal shareholders are Tiger Brands Limited, Brimstone Investment Corporation Limited and Khula Trust (Oceana’s black employee share trust).
About Oceana Group Limited
Oceana Group Limited operates as a fishing and commercial cold storage company in South Africa and internationally. It engages in the catching, processing, and procurement of marine species, including pilchard, anchovy, redeye herring, lobster, horse mackerel, squid, and hake; and providing cold storage and fruit handling facilities in the commercial market.
 The company operates in three segments: inshore fishing, mid-water and deep-sea fishing, and Commercial Cold Storage. The inshore fishing segment offers canned fish and pet food products to consumers via wholesale and retail channels under the Lucky Star brand in Africa; procures canned fish; produces fishmeal from pelagic fish, including anchovy, redeye herring, and pilchard; markets canned fish products to consumers via food service and retail customers under the Glenryck brand; markets lobster to the Far East, Europe, and the United States under a range of Oceana brands; produces squid for export under the Calamari Fishing brand; and produces and supplies French fries and potato products to South African quick service restaurants, and wholesale and retail outlets through the Gold Seal and house brands.
 The mid-water and deep-sea fishing segment processes fresh and frozen hake for export under the Blue Continent and Seamaid brand names; exports horse mackerel; and distributes imported and local marine foods to wholesalers and retail traders under the Blue Atlantic and Ocean Catch brands. The Commercial Cold Storage segment owns and manages public refrigerated warehousing capacity of approximately 105 000 pallets for various commodities, including fish, meat, poultry, vegetables, dairy products, and fruits in Cape Town, Johannesburg, Durban, and Walvis Bay.
Oceana employs 1 351 permanent staff and 669 (full-time equivalent) seasonal employees, fluctuating during periods of seasonal fishing activities. Oceana Group was founded in 1918 and is headquartered in Cape Town, South Africa.
* R = Rand
1R = 0.1346 USD at the time of the article's release.
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By Margaret Stacey
Information of the company:
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Address:
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16th Floor, Metropolitan Centre, 7 Coen Steytler Avenue
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City:
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Cape Town
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State/ZIP:
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(8001)
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Country:
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South Africa
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Phone:
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+27 21 410 1400
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Fax:
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+27 21 415 8601
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E-Mail:
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[email protected]
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More about: 
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