Staff Writer
Oceana Group Limited, which operates in Namibia, has extended the contract of chief executive officer Neville Brink until 31 December 2027 after a search for a successor did not produce a suitable candidate.
The company said Brink’s contract had originally been scheduled to end on 31 December 2026.
According to Oceana, the board approved the extension to allow more time to continue the search for a leader capable of guiding the company’s long-term strategy.
Brink has served as CEO since 2022.
“The extension of Neville’s tenure will allow the Board to further refine its search efforts and ensure that an appropriate CEO who is well-positioned to guide Oceana’s strategic intent going forward is appointed,” the company said.
The group also thanked Brink for his continued leadership during the transition period.
Oceana is listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange under the share code OCG.
In a voluntary trading update for the five months ending February 2026, the company said revenue remained in line with the same period last year, while operating profit was slightly lower.
Oceana said strong performances from the Lucky Star Foods and wild-caught seafood businesses helped offset weaker results from the fishmeal and fish oil divisions.
The company said fishmeal and fish oil operations were affected by lower industrial fish landings in South Africa and weaker global fish oil prices.
Lucky Star foods performed strongly due to high demand for canned fish and improved profit margins.
Oceana also reported stronger results from its horse mackerel businesses in South Africa and Namibia.
In Namibia, the horse mackerel business recorded improved performance despite lower catch rates and a stronger rand.
The company said the improvement was driven by lower fuel costs, higher US dollar sales prices, a better product mix and strong market demand.
