UAE aquaculture firm continues to grow
International aquaculture company Asmak on Tuesday posted a net profit of AED 72.4 million for fiscal 2010, along with revenues of AED 503 million.
“The judicious fine-tuning of our strategy and the diversification of our business interests into distinct areas have significantly contributed to our successful performance. The company’s productivity has thus improved dramatically, providing substantial returns to our shareholders who have consistently provided unstinted support,” said Asmak Chairman Hamad Al Shamsi.
“Along with fish farming, which remains our principal business, we continue to invest in a complete portfolio of aquaculture areas such as breeding, processing and trading of the finest fish strains and fisheries products at competitive prices,” he added.
Abu Dhabi, United Arab Emirates-based company’s most recent investment is a hatchery in the Red Sea, Saudi Arabia, which is expected to increase its production capacity from 1,000 metric tons to 3,000 metric tons per year.