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UAE’s leading aquaculture firm records $19 m profit

Posted by on February 15, 2011 0 Comment

Abu Dhabi, Feb 15 (IANS/WAM) The United Arab Emirates’ leading aquaculture company Asmak Tuesday announced a net profit of 72.4 million dirham (over $19 million) for the fiscal year ending 2010.

Asmak, which is the international fish farming holding company, earned total revenues of 503 million dirham in 2010.

Hamad Al Shamsi, chairman of Asmak, said: “The judicious fine-tuning of our strategy and the diversification of our business interests into distinct areas have significantly contributed to our successful performance.”

“Along with fish farming, which remains our principal business, we continue to invest in a complete portfolio of aquaculture areas such as breeding, processing and trading of the finest fish strains and fisheries products at competitive prices. This has established us as one of the most comprehensive sources for seafood in the region.”

“Moreover, we recently acquired Abu Dhabi Land Group – a company that focuses on construction, landscaping, infrastructure and labour camp management – from the Royal Group,” he said.

The acquisition of Abu Dhabi Land Group, through Emirates Stallion, an Asmak subsidiary, is aimed at creating additional capacities for expertise in real estate management and landscaping, generating fresh revenue streams to the operations.

In its core business area of fish farming, Asmak’s most recent investment is a hatchery in Red Sea, Saudi Arabia, which is expected to increase its production capacity from 1,000 tonnes to 3,000 tonnes per annum.

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