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Fishcor group records N$40.6 million net income after taxation

20/04/2018
by Kelvin Chiringa
Business

A solid performance by Seaflower Whitefish Corporation Limited (SWC) has resulted in the Fishcor group recording a net income of N$40.6 million after taxation in 2016 from that of N$38 million in 2015. 

A portion of the income is a result of revenue generated from the usage fees of hake and horse mackerel quota being granted to the group.  

The group’s annualised revenue ticked up by 19% due to good prices achieved for SWC hake sales in Europe and South Africa and Seacope Freezer Fishing (Pvty) Ltd hake and orange roughy sales to Europe.  

Fishcor recorded an income of N$3 million (2015: loss of N$2 million) which is mainly due to the usage fees of hake and horse mackerel quota that was granted to the group. 

“This report would be incomplete without addressing the challenges we encountered during the period under review,” said the group’s chief executive officer (CEO), Mike Nghipunya, “In July 2016, the MFV Rex was hit by a storm-wave that damaged all electronics on the bridge.”

“The damage took approximately two months to repair which had a negative impact on the volumes of landed raw materials needed to produce the required output. As a result, we had to enter into quota swap arrangements with other operators, who assisted us by landing raw material on our behalf,” he added.  

An illegal strike action by 93 fishermen also cost the group N$40 million due to a two month break in fishing operations and lack of sales.   

He said their freezer hake operation run by Seacope was also interrupted during the period under review. 

“Although the MFV Pemba Bay did not experience any problems affecting the operation of the vessel, she undertook two research trips for the ministry of fisheries and marine resources to study the stock of orange roughy.”

“As a result, the vessel did not undertake any hake fishing activities in the last part of July 2016 and th whole of August 2016. The research exercise was a success and enabled the scientists to gather much needed data to draw conclusions on the state of this important marine resource,” said Nghipunya.

During the period under review, the total hake quota allocated was 6 942.13 metric tons (mt) of which 5 524.24mt was landed by three wet hake trawlers by the end of September 2016. 

“The remaining 1 417.89mt was rented out to other operators through quota swap arrangements,” he said.