Oceana, which owns the canned fish brand Lucky Star, has grown its sales in South Africa as consumers
“under pressure” resort to its goods as a relatively less expensive source of protein.

In the second half of the year, Oceana’s sales increased by double digits due to the solid demand for canned fish.
The global fishing company’s sales increased 11% to R8.44 billion ($480 million),
and its operating profit increased 4% to R1.25 billion ($71.0 million).

Consumer demand for affordable protein and the relative value of canned fish compared to rival proteins resulted
in a robust rebound in sales in the second half, after stock restrictions hindered the first-half performance,
according to the company.

In the second half, both sales volumes and prices climbed by 8%. In 2022,
the total amount of canned fish sold decreased by 1% to 8.8 million cartons as a result of first-half stock difficulties.

Cost challenges, including gasoline prices, freight fees, and can prices, as well as a lower rand, contributed to decreased profits.

In the future, Oceana anticipates that the demand for low-cost protein will continue to drive sales volumes of canned fish despite the constricted consumer environment; nevertheless, as cost pressures are projected to persist, the company may be forced to raise prices.