1996 News Story

Annual report of Saudi Fisheries shows profit

The Saudi Fisheries Company’s annual report shows a net profit for 1995 of just over SR 7  million (almost U.S. $ 2 million).  This is in spite of the relative recession in the market, the decrease in the fishing areas, especially in the Arabian Gulf, and the fact that the company’s fleet was working at less than 60 percent of its capacity.   Profits were realized in large part thanks to new policies to cut costs, upgrade sales methods, and expand operations outside Saudi territorial waters.  The company also enhanced its support services in the area of transportation of frozen fish by linking the main production areas of Dammam and Jizan.