MUSCAT –
In order to boost the company’s growth and complete the value chain model, Oman Fisheries Company (OFC) is embarking on an ambitious business growth plan and planning to invest in new projects soon.
The company’s new business growth plan is devised to restructure Oman Fisheries into five separate wings, according to its yearly financial report submitted to the Muscat Securities Market.
The five wings of the group are proposed to be: Commercial fishing and boat building yard, seafood canning project, Oman Fisheries (parent), integrated value added plant, and horizontal diversification under Al Ameen Stores & Refrigeration Co. The entire value chain proposal will be integrated under OFC Group, which will be responsible for overall management, the company said.
‘The business growth plan has been developed to address the key concerns of Oman Fisheries for restoring competitiveness with an eye to increasing return on investment and sustainability. The business growth plan model will link Oman Fisheries from the sea to the plate of fish consumer at a most affordable price’, OFC said in its report.
It said the tenders for preparing feasibility studies have already been launched and the entire process is expected to be completed within a period of three months.
OFC has also signed several memorandums of understandings with national and international seafood processors to complement its processing capacity as well as increase its global market share.
With a market share of more than 30 per cent of the combined processing in Oman, OFC continues to dominate the fisheries sector both in Oman and the GCC. Its consolidated turnover, however, fell 16.1 per cent to RO23.76mn for the financial year ended March
31, 2018 as compared to the previous year’s turnover of RO28.34mn.
The company said it has taken numerous bold steps to ensure strengthening of the platform, which would in due course ensure upward swing of profitability in near future along with consistency.
