Cape Town, South Africa-based seafood company Oceana Group has announced a delay in the publication of its latest financial results for the year ended 30 September, 2021, according to a 29 October statement to shareholders.
The company attributed the delay in release of the results to Oceana “having been made aware of queries relating to predominately the accounting treatment of matters pertaining to a United States subsidiary of the group, and other financial and related matters.”
“Oceana has appointed external advisors to assist its board with an investigation and analyses of the matters raised, and to provide it with appropriate advice relating thereto,” Oceana said.
However, the company said it believes the outcome of the investigation will not have any material impact on its financial statements. Oceana said its businesses are continuing uninterrupted “and the company will publish a trading update at the end of November 2021.”
The delay means its quarterly and annual results will not be published at the end of November 2021 as is customary, the company said in a statement to the Johannesburg Stock Exchange, which requires financial results be published within three months and audited financial statements within four months from year-end.
“Even though it is Oceana’s intention to comply with the JSE’s requirements, it is, as a matter of caution, engaging with the JSE regarding the possible delay in the publication of the financial results,” Oceana’s statement said.
In its last financial report – for the six months ending 31 March, 2021 – Oceana reported strong demand for its core products despite the continuing impact of the COVID-19 pandemic, which has disrupted the company’s supply chain and operations.
For the period, Oceana posted what it termed “a satisfactory performance,” driven by its African operations. The company’s profit after tax rose by 11 percent to ZAR 348 million (USD 22.6 million, EUR 19.5 million).
The company’s fishmeal and fish oil operations in the U.S. saw a decline in revenue for the six months “on the back of the significantly lower prior season catch.”
However, Oceana’s overall revenues dropped 2 percent to ZAR 3.5 billion (USD 232.4 million, EUR 200.7 million), and its operating profit dipped 4 percent to ZAR 583 million (USD 37.9 million, EUR 32.8 million), it said.
The company announced an increase in earnings per share and headline earnings per share of 13 percent and 4 percent, respectively.
Photo courtesy of Oceana Group
