Oman Fisheries set to kick off commercial fishing operations

Oman Fisheries Company (OFC), a subsidiary of Fisheries Development Oman (FDO), says it is gearing up to commence commercial fishing operations in Omani waters in cooperation with Irish fishing firm Atlantic Dawn.

OFC’s Chairman said in the Directors’ Report of the company’s first half performance that commercial fishing will kick off in the current third quarter of this year.

The announcement comes just three months after OFC, a publicly listed fisheries group, signed a commercial fishing agreement with Atlantic Dawn for the utilisation of its fishing vessels in the Sultanate of Oman.

The agreement enables the Irish firm to utilise the fishing quotas granted by the Omani Ministry of Agriculture, Fisheries and Water Resources.

The partnership will help Oman Fisheries secure sustainable supplies, in addition to enhancing export operations. Under the deal, Atlantic Dawn will bring a small pelagic fishing vessel targeting 30,000 metric tonnes of small pelagics that, if achieved, will result in boosting Oman Fisheries’ financial performance and margins.

Atlantic Dawn Group, one of Europe’s largest producers of frozen pelagic fish, operates a vertically integrated business. Accordingly, it is engaged in every link in the chain from first catch to final customer. The company operates across multiple territories and seas to supply a global market, utilising a modern fleet of fishing vessels.

In other highlights of the first half of the year, Oman Fisheries announced it procured a total of 14,252 tonnes from artisanal fishermen and other sources as compared with 13,213 tonnes for the same period from last year. Export sales represented 85 per cent of the total sales, with local sales accounting for the remaining 15 per cent.

Oman Fisheries group achieved a consolidated turnover of RO 7.695 million from operations during the first half of 2022, which was 36 per cent higher than the corresponding figure for H1 2021. The group made a net profit of RO 2.349 million this year versus a net loss of RO 730K for the same period in 2021.