By Robbie Greenfield
United Fisheries Company of Kuwait (UFK) has recorded a massive annual profit increase.
Kuwaiti seafood and foodstuffs firm, United Fisheries Company of Kuwait (UFK), has recorded a massive annual profit increase in line with its active expansion in the regional market.
The company’s coffers have swelled from a net profit of US $1.45 million this time last year, to US $14.7 million, together with a share value that has increased ten-fold during the same period. The huge rise was partly attained by UFK’s sale of its 9% equity stake in the Saudi food and dairy giant Sadafco.
A subsidiary of KIPCO’s United Industries Company, UFK owns and operates a fleet of modern fishing vessels, which supplies seafood catches for processing at its new Doha plant in Kuwait. The company’s range of shrimp and fish products are distributed throughout Kuwait and exported to other countries in the Arab world.
“We have focused on the local market, offering the best products and services to our customers, with the aim of becoming leader in the seafood market and strengthening our position in both local and foreign markets,” said Amir Theyab Al Tamimi, chairman of UFK.
“To this end, UFK supplied large quantities of locally-produced and imported fresh and frozen fish to local supermarkets, to cover the shortage in local production and maintain price levels,” he added.
UFK has also intensified efforts to increase exports to foreign markets, and has resumed exports to the Japanese market after a disruption of three years. Fish shipments have been exported to China, with efforts to penetrate other foreign markets.
“These moves come within the framework of a strategy seeking to achieve consistent and targeted business development, to increase sales and create more balance and growth of the company’s income and profits,” commented Al Tamimi.
The company is in the process of negotiating with government bodies for ratification of its Doha processing plant’s recently-awarded HACCP quality certification.