Oman Fisheries Company (OFC) has signed a marine-vessel partnership with Ecuador-based ultra-frozen fish firm Transmarina for an undisclosed financial consideration.
OFC said in a statement signed by its CEO, Suleiman Al-Ghannami, that Transmarina’s longliner is equipped with freezing capacity of minus-40 degrees centigrade “to maintain the quality of the fish.” OFC said it will “prepare, process, value add, distribute, and export in local and international markets” and that it is "finalizing the necessary procedures with the local competent authorities" to export the yellowfin tuna caught through the partnership.
Manta, Ecuador-based Transmarina operates five longliners and two purse-seiners. OFC said in the initial stage of the partnership will result in the production target of 500 metric tons of yellowfin tuna.
The new partnership comes at a time when Transmarina is spearheading a fishery improvement project in Ecuador for its longline fleet, in partnership with WWF, with the eventual goal of attaining Marine Stewardship Council certification.
The pact with Transmarina was preceded by a sales and marketing agreement between OFC and Al Wusta Fisheries Company, which is a subsidiary of Fisheries Development Oman– the fisheries sector investment and development arm of the Omani government. OFC said the agreement with Al Wusta will help expand exports of Omani fish products.
The flurry of agreements for OFC coincided with the release of the company’s financial results for the first six months ending 30 June, 2022. The results indicated total revenue of OMR 7.695 million (USD 19.9 million, EUR 20 million), up from the OMR 5.825 million (USD 15 million, EUR 15.2 million) in the same period in 2021.
The group, which combines parent company Oman Fisheries Co. and its subsidiary, Oman Fisheries Co. Sharjah, posted a net profit of OMR 716,600 (USD 1.85 million, EUR 1.87 million) compared to a net loss of OMR 730,500 (USD 1.89 million, EUR 1.9 million) in 2021.
The parent company achieved a net profit of OMR 2.3 million (USD 6 million, EUR 6.1 million) compared to a loss of OMR 710,500 (USD 1.84 million, EUR 1.85 million) in the same period in 2021, driven by the gains from the sales of its subsidiary, Al-Ameen Stores and Refrigeration, to Asyad Group.
Photo courtesy of Transmarina
