Oman Fisheries witnesses increase in revenue for Q2
Published: 03:08 PM,Aug 27,2024 | EDITED : 07:08 PM,Aug 27,2024
Revenue growth is the result of strategic efforts to enhance sales margins and closely monitor fixed costs.
MUSCAT: Oman Fisheries Company SAOG has reported a revenue of RO 3.87 million for the period ending June 30, 2024, marking a 3 per cent increase from RO 3.75 million during the same period last year. This growth is the result of strategic efforts to enhance sales margins and closely monitor fixed costs, leading to a 7.9 per cent reduction in total expenses.
These measures have significantly reduced the company’s net losses, which fell by 33 per cent to RO 1.11 million, compared to RO 1.66 million in the previous year. Despite the improvement in financial performance, the company’s net equity stands at RO 2.03 million, reflecting a 35 per cent decrease from last year, primarily due to the incurred losses during the period.
Oman Fisheries Company successfully reduced its inventory from 3,184 MT on December 31, 2023 to 1,084 MT by June 30, 2024, representing a significant 66 per cent reduction. The Company recovered RO 154,000 from long-standing overdue accounts, demonstrating effective financial management.
A 10 per cent reduction in general and administrative expenses was achieved, decreasing from RO 897,000 in the first half of the previous year to RO 809,000 in the same period this year. The Company made substantial improvements in logistics, contributing to overall cost optimization.
A restructuring of the commercial team was undertaken to better align supply and demand, enhancing operational efficiency. The Company's market presence was extended to new regions, including the United States and China, supporting growth and diversification. New value-added products were introduced to maximize per-unit value and profit margins.
Upgrades to the Quality Management System were implemented, leading to the attainment of HACCP international certification across all company branches.
The Company continues to face challenges in managing working capital and liquidity, which remain areas of focus. Efforts are ongoing to develop and sustain a high-margin customer base, particularly in elite segments, to enhance profitability.
Oman Fisheries says it is committed to driving further improvements in operational efficiency, expanding market presence, and enhancing shareholder value.
These measures have significantly reduced the company’s net losses, which fell by 33 per cent to RO 1.11 million, compared to RO 1.66 million in the previous year. Despite the improvement in financial performance, the company’s net equity stands at RO 2.03 million, reflecting a 35 per cent decrease from last year, primarily due to the incurred losses during the period.
Oman Fisheries Company successfully reduced its inventory from 3,184 MT on December 31, 2023 to 1,084 MT by June 30, 2024, representing a significant 66 per cent reduction. The Company recovered RO 154,000 from long-standing overdue accounts, demonstrating effective financial management.
A 10 per cent reduction in general and administrative expenses was achieved, decreasing from RO 897,000 in the first half of the previous year to RO 809,000 in the same period this year. The Company made substantial improvements in logistics, contributing to overall cost optimization.
A restructuring of the commercial team was undertaken to better align supply and demand, enhancing operational efficiency. The Company's market presence was extended to new regions, including the United States and China, supporting growth and diversification. New value-added products were introduced to maximize per-unit value and profit margins.
Upgrades to the Quality Management System were implemented, leading to the attainment of HACCP international certification across all company branches.
The Company continues to face challenges in managing working capital and liquidity, which remain areas of focus. Efforts are ongoing to develop and sustain a high-margin customer base, particularly in elite segments, to enhance profitability.
Oman Fisheries says it is committed to driving further improvements in operational efficiency, expanding market presence, and enhancing shareholder value.