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Hot year for Saudi Fisheries Co.: sales up 14.7%, profits too.

Hot Year for Saudi Fisheries Co.: Sales Up 14.7%, Profits Too

Sales last year for Saudi Fisheries Co., Dammam, were up 14.7% to 220,786,585 Saudi riyals, vs. 192,420,344 in 1988; and net income was up to 32,383,520 riyals, vs. 29,159,415.

Even before the current Arabian Gulf crisis, fuel prices apparently rose considerably: the government subsidy for fuel purchases for fishing vessels went up from 733,548 to 1,875,571 riyals.

Capital investment last year totaled 25,560,572 riyals, of which 17,424,210 was against fixed assets, 7,136,362 to work in progress and 1,000,000 towards the company's stake in a proposed sister company. Capital projects in 1989 included:

* Seven new retail shops in Onayzah, Madina Munawara, Taif, Jeddah and Makkah.

* Three new shrimp boats, to be completed this year.

* A new fish meal plant at Damman.

* Purchase of three refrigerated trucks for use in van sales.

* Installation of a blast freezer in Damman.

* Refurbishing both processing plants and retail shops.

* Improvements to jetties and processing plants.

* A new value-added product facility, to be completed this year.

* A commercial center at Madina Munawara, to be completed this year.

* Six more retail shops to be completed this year in Al-Hassa, Makkah, Jeddah and Riyadh.

Tonnage of fish and seafood sold domestically or exported last year was 17,024, up from 15,410 in 1988. Exports amounted to 1,127 tons, which brought in 25,142,261 riyals -- up 69.41%. Foreign sales constituted 11.39% of total revenues. Domestically, institutional and foodservice sales declined 3.7% -- but this was more than made up for by a 48% increase in van distribution sales. Frozen imports last year were 6,122 tons, up 6.6% from 1988. The two main processing plants in Dammam and Gizan handled a total of 18,669 tons of fish and shrimp last year.

Total domestic catch last year in the Arabian Gulf and the Red Sea was 11,810 tons, up 4.44% from 11,266 tons in 1988. The number of retail shops reached 32, up eight from the year before, and the number of customers was about 1.93 million, up from approximately 1.52 million, with retail sales increasing from 4,900 tons to 6,350.
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Publication:Quick Frozen Foods International
Date:Oct 1, 1990
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