Fishing group Oceana expects its headline earnings per share to spike at least 20% in the year to end-September.
JSE listing rules require firms to alert the market as soon as they know earnings will be 20% higher or lower than the previous period.
The headline earnings per share, a common profit measure in SA which excludes certain items, will be at least 20% higher than the 606.2c reported in the previous year, Oceana said.
The growth was largely driven by the strength and sales of the Lucky Star canned pilchards brand and fish oil, it said.
Fish oil, used in pet food and health supplements, has been selling at high prices due to global shortages.
The shortages come as Peru allowed far fewer anchovy to be caught due to the El Nino cyclic build-up of warm water, which drove fish offshore to cooler waters. Peru reduced permitted catches to protect smaller stocks closer to the coast. This has benefited Oceana, which catches an oily fish called Menhaden in the US under its Daybrook brand.
In SA, Lucky Star pilchards are seen as an affordable protein and one can is used to feed a family for a meal. The cans are popular in grocery and spaza stores during load-shedding as they do not require refrigeration.
The company’s results are expected to be announced on the November 27.
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