Photo: Oman Fisheries Co./FIS

Oman Fisheries Reports Revenue Growth for Q2

Oman Fisheries Company SAOG has reported revenue of RO 3.87 million for the period ending June 30, 2024, marking a 3% increase from RO 3.75 million during the same period last year, according to the Oman Observer. This growth results from strategic efforts to enhance sales margins and closely manage fixed costs, leading to a 7.9% reduction in total expenses.

These measures have significantly cut the company’s net losses, which fell by 33% to RO 1.11 million, down from RO 1.66 million the previous year. Despite these improvements, the company’s net equity stands at RO 2.03 million, reflecting a 35% decrease from last year, mainly due to the losses incurred during the period.

Oman Fisheries successfully reduced its inventory from 3,184 MT on December 31, 2023, to 1,084 MT by June 30, 2024 — a significant 66% reduction. Additionally, the company recovered RO 154,000 from long-standing overdue accounts, demonstrating effective financial management.

The company achieved a 10% reduction in general and administrative expenses, decreasing from RO 897,000 in the first half of the previous year to RO 809,000 in the same period this year. Substantial improvements in logistics also contributed to overall cost optimization.

A restructuring of the commercial team was undertaken to better align supply and demand, improving operational efficiency. The company's market presence was expanded to new regions, including the United States and China, supporting growth and diversification. New value-added products were also introduced to maximize per-unit value and profit margins.

Upgrades to the Quality Management System led to the attainment of HACCP international certification across all company branches, underscoring the company's commitment to quality.

While Oman Fisheries continues to face challenges in managing working capital and liquidity, these areas remain a key focus. The company is actively working to build and maintain a high-margin customer base, particularly in premium segments, to enhance profitability.

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Address:	P.O. Box 2900
City:	Ruwi
State/ZIP:	(112)
Country:	Oman
Phone:	+968 2450 9500/01
Fax:	+968 2459 7804
E-Mail:	[email protected]
Skype:	https://www.instagram.com/omanfisheries/
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