The Lucky Star division is engaged mainly in fishing for inshore pelagic species (pilchard and anchovy) and in the production, marketing and distribution of fishmeal and branded canned fish products
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The group consists of various operating subsidiaries in the fishing and commercial cold storage industries, with the bulk of its revenue generated from its fishing business. Its fishing activities relate to the catching, processing, marketing and distribution of canned fish, fishmeal, fish oil, lobster, horse mackerel, squid and hake, covering inshore, midwater and deep-sea fishing, as well as the purchase of frozen and canned stock from external suppliers. The cold storage business provides public refrigerated warehouse facilities with operations in Cape Town, Durban, Johannesburg and Walvis Bay. The stores are capable of storing and handling product at temperatures from ambient to as low as -60 °C.
While the group’s principal market is the lower-end consumer (canned fish and horse mackerel), it also sells product aimed at the middle-end to upper-end consumer (Lucky Star blue can range, lobster and hake). The majority of sales revenue (67%) comes from South Africa and Namibia, followed by markets in Southern and West Africa, Europe and the Far East.
Oceana’s operating structure is designed to create value through economies of scale and efficiencies in terms of raw material and product volumes, use of vessels and production resources, market focus, risk management and growth opportunities. It has over 90 years of fishing experience, during which time it has consistently demonstrated its ability to create value for stakeholders. In the context of the recent financial uncertainty and sovereign debt crisis, it has continued to deliver value.
The group has a strong board and an experienced executive management team that maintain a culture of good governance informed by effective risk management and compliance practices and supported by a stable and experienced employee base.