An OFC fishing trawler. (Photo: Oman Fisheries Company)

Leading fishing firm launches new vessels

Four new coastal fishing vessels belonging to leading fisheries firm Oman Fisheries Company (OFC) are now operating as part of an effort to boost operations and earnings.

OFC recently began to climb out of its slump: it has turned an operational profit for the first time after incurring losses during four consecutive years.

Total revenues for the financial year ended on 31 March jumped by 9 per cent to OMR 11.829 million (USD 30.6 million), against OMR 10.855 million (USD 28.1 million) the year prior, according to OFC Chairman Mohammed bin Hamad al Masrouri’s statement in the Director's Report released this week.

OFC saw a net profit of OMR 1.485 million (USD 3.8 million) for the 2009-10 financial year versus a net loss of OMR 1.634 million (USD 4.2 million) during the previous year. Turnover rose by 13 per cent at 16,029 tonnes compared to 14,185 tonnes a year earlier, reports Oman Daily Observer.

The company recently bought four coastal fishing boats to help increase raw material supplies for its processing activities and the availability of fresh fish for domestic sales.

OFC purchased smaller fishing vessels in response to a government ban on trawler fishing set to go into effect on May 2011.

Oman Fisheries submitted a five-year strategy to the Ministry of Fisheries including a plan for the ownership and operation of a fleet of fishing vessels.

Most of the catch will be sold at the local market to back the government's efforts to improve availability of fresh fish for domestic consumption. The seafood will be marketed through OFC’s outlets and mobile vans or via the establishment of new fish shops in different national regions, Al Masrouri told.

The new boats will also help OFC meet the fishing quotas acquired through a concession agreement with the government. The company can catch an annual 20,000 tonnes of demersal fish and 30,000 tonnes of large pelagics.

Over the past years, volumes of harvested fished have usually fallen short of these quotas, Al Masrouri said.

Moreover, OFC is analysing initiatives planned for launch this financial year, including a proposal to support local fishers through fish procurement arrangements, setting up fish collection points and providing fishers with ice, bait and other requirements.

OFC aims to grow fish procurements from 10 per cent of total domestic production -- 15 per cent in value terms -- to 25 per cent through 2013.

Additionally, a five-year business plan to oversee OFC’s accelerated growth will soon be presented to the board for approval. It would be implemented in October, said Al Masrouri.

The company also seeks to expand its processing and value added facility at Al Buraimi.

Oman Fisheries was established by Royal Decree in 1979 and is 24 per cent owned by the Ministry of Fisheries.

By Natalia Real
[email protected]
www.seafood.media
 

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