Oct 24 2005 |
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Kuwait: Record haul at United Fisheries Company
Strong sales to China and JapanUnited Fisheries Company of Kuwait (UFK) posted net profit of KD5.2 million ($17.6 million), or 33.66 fils (11.53 cents) per share for the first nine months of the year against with KD937,000 ($3.2 million) or 6.15 fils (2.1 cents) per share for the same period in 2004.
Chairman Amer Theyab Al Tameemi said that UFK was implementing a development plan covering all aspects of its business, aimed at reinforcing the Company's leading position in the seafood products market. The excellent results reflected the success of this strategy, which was focused on steady growth, improving performance level and the utilisation of advanced operating systems.
UFK is a leading producer of high-quality seafood products and one of the leading food companies of Kuwait and the Arabian Gulf.
A subsidiary of Kuwait Projects Company's (Kipco) United Industries Company ( UIC ), UFK owns and operates a fleet of modern fishing vessels, which supplies seafood catches for processing at its new high-tech Doha plant in Kuwait. The company's range of shrimp and fish products, is distributed throughout Kuwait and exported to other countries of the Arab world.
Al Tameemi said UFK was striving to maintain its sales leadership in the seafood products market, and increased its local market share with supplies of large quantities of fresh and frozen fish to supermarkets, while also locating other premium marketing outlets.
The Company was also importing various seafood product to provide hotels and restaurants with highest quality fish and shrimp, as well as to covering a shortfall on local production and improving price levels.
He said UFK was also seeking further expansion in foreign markets, with exports to Arab and European markets continuing during the first nine months of 2005.
The company had resumed exports to the Japanese market, and fish shipments had also been exported to China alongside efforts to expand into other markets.
In doing so, the Company was adopting a balanced strategic marketing policy ensuring consistent sales growth and further growth of income and profits. Fishing operations for the new season began in August with full deployment of the Company's fleet. Al Tameemi said results were good compared with those of last year, and catches were expected to increase during the coming months.
The company's Doha plant is expected to cover the needs of the local market, and the surplus production will be exported to foreign markets.
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