Oman Fisheries Company has announced plans to add two new fish processing plants at Duqm and Barka to its growing assets.

Mohammed bin Hamad al Masrouri, Chairman of the Board of Directors, said the new investments are in line with the partly government-owned company’s Five-Year Business Plan to boost its processing capacity.

The new plants, each of 35-tonne capacity per day, are in addition to two other processing units under construction at Salalah and Soqrah. Work on the latter plants is due to be completed and will commence fish processing activities from the next season.

The Board, Al Masrouri said, has also given its green-light for the implementation a Black Tiger shrimp farming project with an investment of RO 3 million. Initial approval from the government has already been obtained, while the company is looking for a strategic partner in the development of the venture, he said.

Meanwhile, Oman Fisheries achieved a consolidated sales turnover of RO 26.15 million for the financial year ended on March 31, 2013 as compared to the previous year’s turnover of RO 26.31 million. Sales increased marginally to RO 21.541 million on the back of procurements from local fishermen, against revenues of RO 20.779 during the previous year. Despite the higher sales revenue, the company posted a consolidated operating loss of RO 222,277 for the financial year ended March 31, 2013, as compared to a consolidated operating profit of RO 863,113 for the previous year.

The lower profit earnings are partly attributable to problems over product specifications related to cuttlefish exports from the Far East during the first three quarters of the year. “Most of these problems were over by the end of the third quarter. Owing to international price competition and product specifications related issues, a stock of 2,690 MT was sold at a loss of 90 baisa per kg. We have initiated long term and short term action plans to build competency in organisation by appointing experienced team of quality controllers, Al Masrouri stated in the Chairman’s Report of Oman Fisheries’ financial performance during the year ended on March 31, 2013.

In other highlights of the year, Phase 1 of a new cold store built by subsidiary Al Ameen Stores and Refrigeration LLC came into operation from April 2012. Furthermore, the company acted as a representative of Government of Sultanate of Oman by signing an agreement valuing $3 million RO 1,155,600) received in full from the Ministry of Finance for supporting the development of a proposed fisheries corporation to be set up in Comoros Islands.

On the Corporate Social Responsibility (CSR) front, Oman Fisheries continues to support fishermen with interest free loans towards the procurement of boats, engines and other fishery-related gear.

Oman Daily Observer