PROFILE OCEANA GROUP
Unlocking the potential
of South Africa’s oceans economy There is enormous potential for South Africa’s fishing sector to drive sustained, inclusive economic growth and increasing evidence that this is being realised.
A
ccording to the Department of Forestry, Fisheries
the representation of historically disadvantaged individuals on
and Environment (DFFE) the fisheries sector
the Board of Directors has increased from 55% in 2010 to 90%.
currently contributes about R8 billion a year to GDP and employs some 28 000 people.
Africans. The Trust holds 13.3 million shares in the Oceana
For the Oceana Group, Africa’s largest fishing company and one
Group, just over 10% of total issued shares. This makes the OET
of the most empowered companies listed on the JSE, unlocking
the largest black-owned fishing entity in South Africa, with a
the sector’s potential informs every aspect of its business. So
market value of just under R1 billion. The average net yield per
much so that its deceptively simple but determined brand
employee is some R400 000.
positioning is: “Positively impacting lives.” Group CEO, Imraan Soomra, explains that the approach stems from the belief that with the right to fish in national waters comes the responsibility to deliver tangible, inclusive social and economic benefits. “South Africa’s fishing industry is ideally placed to do this, because the fishing value chain and associated sectors continue to offer huge opportunities for growth, dignified employment and enterprise development,” he says.
Actively advancing BBBEE This is not to suggest that there hasn’t already been considerable progress. During apartheid black South Africans held only 1% of fishing rights compared to over 75% today. This transformation is reflected in Oceana’s own voyage. Since 2004 it has been actively advancing Broad-Based Black Economic Empowerment and has performed well in terms of measurable transformation criteria. Black ownership is currently over 80% and
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The pioneering Oceana Empowerment Trust (OET), vested in 2020, represents over 2 400 historically disadvantaged South
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Of the current workforce, over 90% are historically disadvantaged individuals, 41% of whom are female.
