MUSCAT : Oman Fisheries Company (OFC), a publicly traded company partly owned by Fisheries Development Oman SAOC, has reported a net loss of RO 2.472 million for the initial three quarters of 2023, up from RO 1.051 million in losses registered in the same period the prior year.
This slump in profitability is linked to a 52% nosedive in operational revenue, which plummeted from RO 11.619 million last year to RO 5.868 million this year.
In an official statement, the company conveyed its optimism, underscoring that the ongoing transformation plan is positioned to pivot the company toward profitability.
The transformation strategy is structured into three key phases: First - the inaugural phase encompasses a comprehensive company-wide overhaul, underscored by a keen focus on optimizing efficiencies across all operational facets, coupled with rightsizing the organizational structure for core operations; Second - the company places emphasis on the development of organizational capacities and capabilities vital for the seamless execution of the transformational roadmap; and Third – this phase entails the formulation and implementation of a comprehensive transformational roadmap, which was presented during an extraordinary general assembly and unanimously approved for immediate implementation.
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