Friday, March 29
02:27 AM

Oman Fisheries profit gets a boost from sale of subsidiary

15 Aug 2022

Muscat – Oman Fisheries Company has reported a net profit of RO2.35mn for the first six months of 2022 compared to a net loss of over RO730,000 in the corresponding period of last year.

Net profit this year is mainly driven by the sale of Oman Fisheries’ subsidiary Al-Ameen Stores and Refrigeration Company, according to the company’s financial report submitted to the Muscat Stock Exchange on Monday.

In April, Asyad Group acquired the 100-per cent stake of Al-Ameen Stores and Refrigeration Company from Oman Fisheries in a deal worth RO3.1mn.

Oman Fisheries achieved a consolidated turnover of RO7.695mn from operations in the first half of this year compared to RO5.825mn turnover recorded in the same period of last year.

The company procured a total 14,252 tonnes of fish from artisanal fishermen and other sources in the first half of 2022 compared with 13,213 tonnes in the same period of 2021.

Oman Fisheries’ export sales represented 85 per cent of the total sales while local sales represented 15 per cent of the total sales.

‘The company achieved a gross margin of 21 per cent driven by the continuous efforts of the management to penetrate higher value markets, rigorous stock and inventory management and diligent revenue planning and management,’ Oman Fisheries said.

Oman Fisheries said it has completed an agreement with Irish firm Atlantic Dawn to start commercial fishing operations in Oman which are anticipated to commence in the third quarter of 2022.

© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac