Oman Fisheries Co. invests OMR 7 million in past five years

Said bin Rashid al-Rawahi, General Manager of Oman Fisheries Company said that the company has invested RO 7 million in the last five years to set up fish collection centers alongside the Sultanate’s coasts.

He added in a press conference at the company’s premises in Ghala that the company has built two new fish processing factories in the Wilayat of Salalah and at Soqarah in the Wilayat of Al Jazir at a cost of about RO 2.695 million. It also incorporated Al Ameen Stores and Cold Stores Co in the Wilayat of Barka at a cost of RO 2.566 million. The newly set up company managed to recover the investment costs in a short period.

“Oman Fisheries Co. also expanded Al Ashkharah and Masirah factories at a cost of RO 842,000. It also bought new fishing vessels at a cost of RO 662,000 and opened new outlets in Ghala, Al Musannah, Ibra, Ja’alan Bani Bu Hassan, Sur and Izki at a cost of RO 248,000” he added.

“Despite the tough challenges throughout the past 27 years since its establishment, the company was the only fisheries company to remain at the market. The company also distributed 207% of its capital as dividends and increased its assets to more than RO 17 million,” he went on.

He pointed out that the company, which received in 2011 the golden merit award in recognition of the company’s excellence and quality on the pan Arab level, dedicates RO 200,000 each year to subsidize fishermen affiliated to it.

As for the company purchases from the Omani fishermen, he said that the purchases increased from 11,000 tons as of the end of March 2015 to 38,000 tons (worth of about RO 18 million at the end of March 2016; a growth by 23%.

He pointed out that while the company sales grew from 10,000 tons five years ago to almost 35,000 tons this year; a 20% accumulated annual growth rate although the target was only 15%. He also said that the value of the company sales at the local market stands at about RO 3 million.

As for the company exports, he said that the company exports its products to 40 countries around the world, which generate about RO 20 million.

“The company sales at the local market increased from 1000 tons five years ago to 4110 tons at the fiscal year 2014/2015; a growth by 280%,” he concluded.

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