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Wed 26 Nov 2025
Close: 5 375c 
Day's move: 125c (2.38%)
Volume: 211 484
Trades: 194
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Revenue for the year lowered to R10.0 billion (R10.1 billion) whilst gross profit decreased to R2.8 billion (R3.2 billion). Operating profit came in at R1.3 billion (R1.6 billion). Profit for the year attributable to shareholders was R674 million (R1.1 billion). In addition, headline earnings per share were 564.8 cents per share (917.6 cents per share).
Dividend
The Group declared a final dividend of 175 cents (2024: 300 cents) per share, which together with the interim dividend, brings the total dividend for the year to 285 cents (2024: 495 cents) per share, a decrease of 42.4% which is slightly higher than the 38.4% decrease in headline earnings per share.
Changes to the board, committees and officer
The following changes took place during the financial year:
• Jayesh Jaga stood down as Group Company Secretary while retaining his role as Chief ESG Officer, effective 1 February 2025. Satish Bhoola was appointed as Group Company Secretary effective 1 February 2025.
• Peter de Beyer did not stand for re-election as a member of the Audit Committee at the Company's AGM and accordingly retired as a member of this Committee effective 27 February 2025.
• Nomahlubi Simamane retired as an independent non-executive director on 27 February 2025 and consequently retired as the chairperson of the Social, Ethics and Transformation Committee and as a member of the Corporate Governance and Nominations Committee and Remuneration Committee.
• Lesego Sennelo was appointed as chairperson of the Social, Ethics and Transformation Committee on 27 February 2025 and as a member of the Corporate Governance and Nominations Committee.
• Mamongae Mahlare was appointed as an independent non-executive director on 1 September 2025 and as a member of the Social, Ethics and Transformation Committee and the Remuneration Committee.
The Company at its Board meeting held on 21st November 2025 (post its financial year), approved the following board changes:
• Peter de Beyer will stand down as Lead Independent Director, effective 1 January 2026, and will remain a member of the board.
• Aboubakar (Bakar) Jakoet is appointed as Lead Independent Director, effective 1 January 2026.
Company outlook
Lucky Star foods will build on its strong brand and distribution network to continue to expand its market presence in South Africa and cross-border regions, capitalise on the growing demand for affordable protein and pursue opportunities in adjacent food categories. The business will continue to optimise its production processes and global supply chain to reduce costs and enhance margins. In response to an anticipated poor Pacific sardine catch season, Lucky Star is sourcing product from other regions.
Due to a lower-than-expected anchovy quota in Peru's second season, global fishmeal and fish oil prices are anticipated to improve in the near term. In the medium to long term, growing demand from the aquaculture and pet food industries, coupled with fixed supply, is expected to underpin price growth.
Both the SA and US facilities currently have available production capacity and are therefore well-positioned to take advantage of better catch rates and resource availability. In 2026, the priority will be driving volume growth and cost efficiency to enhance profitability. The US team will work closely with our fishing partner to explore options to increase supply. The 2025 Gulf menhaden fishing season closed in the last week of October 2025 with total landings of 637 million fish (2024 season: 528 million fish).
The Wild caught seafood segment is expected to benefit from sustained demand across all species and improving resource availability in SA waters. A strategic decision has been taken to divest of the Desert Diamond, a dedicated SA horse mackerel vessel, and replace it with a versatile, dual-purpose vessel that can fish both hake and horse mackerel. This change is expected to reduce operating costs and earnings volatility in the segment. Further fleet rationalisation will optimise the squid vessels based on licenses and capacity, retaining the best vessels to drive improved results.
The Group will maintain a disciplined approach to capital allocation, prioritising returns and reducing debt through efficient working capital management and focused capital expenditure. With diversified operations, a strong operating platform and upgraded infrastructure, the Group is well positioned to capitalise on cyclical improvements in resource availability and market demand as well as stronger pricing.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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