Seafood processing plant belonging to Fishcor. (Photo: Stock File)
Fishcor records revenue growth thanks to better price and volume
NAMIBIA
Thursday, August 16, 2018, 03:00 (GMT + 9)
The National Fishing Corporation of Namibia (Fishcor) recorded consolidated revenue increase by 26 per cent in 2017, to NAD 393 million (USD 27.6 million), thanks to increased volumes and favourable prices achieved for hake in Europe and South Africa.
The result was announced by fisheries minister Bernhard Esau at Fishcor's annual general meeting at Lüderitz.
Fishcor is the owner of Seaflower Pelagic Processing (Pty) Limited, Seaflower Lobster Corporation, and Seaflower Whitefish Corporation.
According to The Namibian, the company reported NAD 67.93 million (USD 4.77 million) profit after tax in 2017, an increase by 67 per cent from the previous year, when its profit was NAD 40.69 million (USD 2.85 million).
In addition, the company's assets also grew by 6 per cent to almost NAD 500 million (USD 35.1 million), which was attributed to the acquisition of two trawlers in 2018.
Minister Esau said that from May 1 2014 to September 30, 2017, the company's total assets grew more than three-fold, and this led to accumulated losses of NAD 77 million (USD 5.40 million) turning into positive retained earnings of NAD 35 million (USD 2.45 million) over the same period.
“Undoubtedly, this is a quite commendable achievement for the corporation over a period of four years,” he stated.
Furthermore, Esau revealed that Fishcor has invested NAD 54 million (USD 3.15 million) in its factory to improve efficiency, and this would result in more jobs being created as it would allow for the introduction of a second shift and capacity utilisation over 24 hours.
Construction on the company's NAD 530 million (USD 37.21 million) land-based processing plant for horse mackerel at Walvis Bay was at an advanced stage, and the plant is to be commissioned at the end of October.
“We need the fishing sector to add value to create more jobs. We must give meaning to the government's value-addition policy,” he added.
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